24Q1营收同比增速放缓，渠道扩张稳步推进

Investment Rating - The investment rating for the company is "Accumulate (Maintain)" [1] Core Views - The company reported a revenue of 3.207 billion yuan and a net profit attributable to the parent company of 530 million yuan for the year 2023, representing year-on-year increases of 31.6% and 54.2% respectively [1] - The company is expanding its distribution channels and has seen good growth in its soy sauce business, with revenue from soy sauce reaching 2.040 billion yuan in 2023, up 34.9% year-on-year [1] - The company is expected to continue innovating its product categories and optimizing its pricing strategy to meet diverse consumer demands [1] Summary by Sections Financial Performance - In Q4 2023, the company achieved revenue of 875 million yuan and a net profit of 143 million yuan, showing a year-on-year decline of 0.8% and 8.5% respectively [1] - For Q1 2024, the company reported revenue of 895 million yuan and a net profit of 155 million yuan, with year-on-year growth of 9.3% and 6.7% respectively [1] - The gross margin for 2023 was 37.1%, an increase of 0.59 percentage points year-on-year, while the gross margin for Q1 2024 was 36.0%, a decrease of 3.1 percentage points year-on-year [1] Product and Market Development - The company has expanded its product matrix and strengthened its distribution channels, with a total of 3,356 distributors by the end of Q1 2024, an increase of 106 from the previous quarter [1] - The company plans to continue expanding its market presence and enhancing its product offerings in the seasoning market across the country [1] Profit Forecast and Valuation - The net profit forecasts for 2024 and 2025 have been adjusted downwards to 640 million yuan and 776 million yuan respectively, reflecting a 9.1% reduction from previous estimates [1] - The company is projected to have a price-to-earnings ratio (P/E) of 27x for 2024, 22x for 2025, and 19x for 2026 [1]