QIANHE(SH:603027)2024-05-03 09:02Investment Rating - The investment rating for the company is maintained as "Buy" [4] Core Insights - The company reported a revenue of 3.21 billion yuan for 2023, representing a year-on-year growth of 31.6%, and a net profit attributable to shareholders of 530 million yuan, up 54.2% year-on-year [4] - The company plans to distribute a total of 514 million yuan in dividends for 2023, which accounts for 96.9% of the net profit attributable to shareholders [4] - For Q1 2024, the company achieved a revenue of 895 million yuan, a year-on-year increase of 9.3%, and a net profit of 155 million yuan, up 6.7% year-on-year [4] Financial Performance Summary - In 2023, the company's gross profit margin was 37.1%, an increase of 0.6 percentage points year-on-year [20] - The company expects net profits for 2024-2026 to be 681 million, 844 million, and 1.02 billion yuan respectively, with year-on-year growth rates of 28%, 24%, and 21% [4][18] - The company's earnings per share for 2024E is projected to be 0.66 yuan, with a price-to-earnings ratio of 23 [18] Product and Market Performance - In 2023, the soy sauce segment generated 2.04 billion yuan in revenue, a growth of 34.9%, while the vinegar segment achieved 420 million yuan, up 11.8% [4] - The company added 1,020 distributors in 2023, bringing the total to 3,250, indicating an increased effort in expanding market coverage [4] - For Q1 2024, the revenue from soy sauce, vinegar, and other products was 568 million, 113 million, and 214 million yuan respectively, with year-on-year growth rates of 9.1%, -6.2%, and 20.3% [4]