Investment Rating - The investment rating for the company is "Buy" (maintained) [2][38]. Core Insights - The company achieved a revenue of 351.08 million yuan in 2023, a year-on-year increase of 2.63%, and a net profit attributable to shareholders of 26.97 million yuan, up 4.02% year-on-year. In Q1 2024, the company reported a revenue of 67.95 million yuan, a 21.90% increase year-on-year, and a net profit of 5.67 million yuan, up 54.15% year-on-year [8][23]. - The sales volume of the company's distiller's grain feed increased by 28% to 93,300 tons in 2023, with revenue from this segment reaching 197 million yuan, a 24.22% increase, accounting for 56.05% of total revenue [9][23]. - The company is expanding its production capacity in the distiller's grain feed sector, with plans for seven projects that will handle approximately 1.8 million tons of distiller's grain annually, and a planned feed production capacity of 660,000 tons per year [16][34]. Summary by Sections Financial Performance - In 2023, total revenue was 351.08 million yuan, with a year-on-year growth of 2.63%. The net profit attributable to shareholders was 26.97 million yuan, reflecting a 4.02% increase. For Q1 2024, revenue reached 67.95 million yuan, up 21.90%, and net profit was 5.67 million yuan, a 54.15% increase [8][23]. - The company’s distiller's grain feed business generated 197 million yuan in revenue in 2023, a 24.22% increase, and accounted for 56.05% of total revenue [9][23]. Production and Sales - The company reported a distiller's grain feed production of 101,400 tons in 2023, a 38.89% increase, with sales volume reaching 93,300 tons, a 27.63% increase. The average selling price was 2,110 yuan per ton, down 2.67% year-on-year [9][23]. - The company has initiated several projects, including the Gu Liquor project with a capacity of 70,000 tons per year and the Jinsha project with a capacity of 100,000 tons per year, which is currently ramping up production [9][23]. Strategic Developments - The company is focusing on innovative biotechnological developments in the distiller's grain feed sector, which is recognized as a strategic emerging industry in China. The company has established a strong position through technology, channel advantages, and product quality [16][34]. - The company has planned a total of seven distiller's grain feed projects, with a combined annual processing capacity of approximately 1.8 million tons of distiller's grain, enhancing its market position [16][34].
2023年报&2024一季报点评：24Q1酒糟饲料销量高增，打造生物发酵新质生产力