需求边际改善，净利率再创新高

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 14.045 billion yuan in 2023, a year-on-year increase of 15.29%, and a net profit attributable to shareholders of 1.478 billion yuan, up 34.24% year-on-year. In Q1 2024, the company achieved a revenue of 3.755 billion yuan, a year-on-year increase of 17.67%, and a net profit of 438 million yuan, up 21.24% year-on-year [3][4] - The demand for hot pot ingredients showed significant improvement in Q1 2024, with revenue growth rebounding from a decline in Q4 2023. The company maintained a leading position in the hot pot ingredient market, which contributed to its revenue growth [3][4] - The company's net profit margin reached a new high of 10.52% in 2023, with a gross margin of 23.21%. In Q1 2024, the net profit margin further increased to 11.68% [4] Summary by Sections Financial Performance - In 2023, the company achieved total revenue of 14.045 billion yuan and a net profit of 1.478 billion yuan. The revenue growth for 2024 is projected at 16 billion yuan, with net profit expected to reach 1.741 billion yuan [2][4] - The company’s gross margin improved to 23.21% in 2023, with a further increase to 26.55% in Q1 2024 [4][12] Revenue Breakdown - Revenue from various product categories in 2023 showed mixed results, with frozen noodle products growing by 5.4% and hot pot ingredients growing significantly faster than the industry average [3][4] - In Q1 2024, frozen noodle products and hot pot ingredients continued to show positive growth, indicating a recovery in demand [3] Profitability Metrics - The company’s net profit margin improved to 10.52% in 2023 and reached 11.68% in Q1 2024, reflecting strong operational efficiency [4][12] - The company’s operating expenses as a percentage of revenue showed slight increases, primarily due to stock incentive costs [4][12] Future Outlook - The company has adjusted its revenue forecasts for 2024-2026, now expecting revenues of 16 billion yuan in 2024, 18.1 billion yuan in 2025, and 20.2 billion yuan in 2026, with corresponding net profits of 1.74 billion yuan, 2.06 billion yuan, and 2.38 billion yuan respectively [4][12]