业绩边际承压，推进品牌打造

Investment Rating - The report maintains a "Buy" rating for Hengshun Vinegar Industry (600305.SH) [2][3] Core Views - The company is facing pressure on performance margins but is advancing brand building efforts. The expected sales growth for the main condiment business in 2024 is targeted at double-digit growth, with a projected net profit increase of over 10% [2][3] - The company is focusing on product strategy implementation and strengthening brand positioning, with a significant emphasis on major product lines [2][3] Summary by Sections Financial Performance - In 2023, the total revenue was 2.106 billion yuan, with a year-on-year decline of 1.5%. The net profit attributable to shareholders was 87 million yuan, down 37% year-on-year. The gross margin for 2023 was 32.98%, a decrease of 1 percentage point [2][7] - For Q1 2024, total revenue was 460 million yuan, a decrease of 25% year-on-year, while the gross margin improved to 41.38%, an increase of 6 percentage points [2][7] Revenue Breakdown - In 2023, revenue from the vinegar series, wine series, and sauce series was 1.294 billion yuan, 327 million yuan, and 196 million yuan, respectively, with year-on-year changes of +1%, -8%, and -24% [2][3] - The company’s sales channels in 2023 included 1.932 billion yuan from distribution, 101 million yuan from direct sales, and 45 million yuan from foreign trade, with respective year-on-year changes of +4%, -22%, and +3% [2][3] Future Projections - EPS is projected to be 0.13 yuan in 2024, 0.17 yuan in 2025, and 0.20 yuan in 2026, with corresponding PE ratios of 63, 48, and 41 times [3][7] - The company aims to achieve a net profit of 146 million yuan in 2024, reflecting a growth rate of 67.8% [7]