QIANHE(603027) 东吴证券·2024-05-02 15:32Investment Rating - The investment rating for the company is "Accumulate" [10][19]. Core Views - The company reported a total revenue of 3.21 billion yuan in 2023, representing a year-on-year increase of 31.6%, and a net profit attributable to shareholders of 530 million yuan, up 54.2% year-on-year. The performance in 2023 met previous forecasts, while the profit in Q1 2024 was slightly below expectations [1][19]. - The company has seen a rapid increase in the number of distributors, with a total of 3,250 distributors by the end of 2023, which increased to 3,356 by the end of Q1 2024. This growth is attributed to the expansion of new sales points and healthy inventory levels [10][19]. - The company’s soy sauce and vinegar revenues for 2023 were 2.04 billion yuan and 420 million yuan, respectively, with year-on-year increases of 34.9% and 11.8%. The growth in Q1 2024 was stable, driven by the continued rollout of zero-additive products [22][19]. Financial Summary - In 2023, the company achieved a gross margin of 37%, an increase of 0.6 percentage points year-on-year, primarily due to lower raw material prices and product structure optimization. However, the gross margin in Q1 2024 decreased by 3.1 percentage points, attributed to a higher proportion of low-margin products [36]. - The company’s total assets were reported at 4.268 billion yuan in 2023, with a debt-to-asset ratio of 13.54% and a net asset value per share of 3.51 yuan [3][29]. - The projected revenues for 2024, 2025, and 2026 are 3.785 billion yuan, 4.318 billion yuan, and 4.881 billion yuan, respectively, with corresponding net profits of 667 million yuan, 772 million yuan, and 867 million yuan [19][34].