Q1盈利显著改善，2024弹性可期季报点评

Investment Rating - The report maintains an "Accumulate" rating for the company [1][23]. Core Insights - The company's Q1 earnings have significantly improved, with expectations for resilience in 2024. The high-end cream series shows strong growth, driven by a trend towards premiumization in baking cream and the potential for domestic cream to replace imported products. The coffee and tea beverage sectors are also contributing to new usage scenarios for cream [6][19]. - The company has made substantial progress in expanding its channels, particularly in the catering, tea beverage, and new retail sectors, which are expected to contribute more incrementally in 2024. Marketing reforms are ongoing, with a focus on optimizing operations across various aspects, including R&D, procurement, and logistics [6][19]. Financial Performance Summary - In 2023, the company achieved a revenue of 3.5 billion yuan, a year-on-year increase of 20.22%. However, the net profit attributable to shareholders was 73 million yuan, a decline of 49.21%. In Q1 2024, the company reported a revenue of 916 million yuan, up 15.31%, and a net profit of 77 million yuan, an increase of 53.96% [19][24]. - The company's gross margin for 2023 was 31.4%, slightly down by 0.4 percentage points. The sales, management, and R&D expense ratios were 13.5%, 9.6%, and 4.2%, respectively, showing increases year-on-year [20][22]. - The company expects to achieve revenues of 4.1 billion yuan in 2024, with a projected growth rate of 16%. The net profit is forecasted to reach 273 million yuan, reflecting a significant increase of 274% [24][23]. Market Position and Outlook - The company is positioned as a leading player in the baking supply chain, with strong R&D capabilities and a diverse product matrix. The ongoing reforms are expected to enhance operational efficiency further [23][24]. - The report anticipates that the company will continue to benefit from the growth in the high-end cream market and the expansion of its distribution channels, particularly in catering and new retail [6][19].