公司信息更新报告：营收承压，净利率提升

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][6][13] Core Views - The company experienced revenue pressure but improved net profit margins, with 2023 revenue at 125.76 billion yuan, a year-on-year increase of 2.5%, and net profit at 10.43 billion yuan, a year-on-year increase of 10.6% [6][8] - The company is expected to achieve a revenue target of 130 billion yuan for the year, with liquid milk sales anticipated to recover following channel adjustments [7][8] - The net profit margin for Q1 2024 increased by 7.5 percentage points to 18.3%, driven by investment income from asset disposals [8] Summary by Sections Financial Performance - In 2023, the company reported a revenue of 125.76 billion yuan and a net profit of 10.43 billion yuan, with Q4 2023 revenue at 28.77 billion yuan, a decline of 1.8% year-on-year, and Q1 2024 revenue at 32.58 billion yuan, a decline of 2.6% year-on-year [6][7] - The company’s net profit for Q1 2024 was 5.9 billion yuan, a significant increase of 63.8% year-on-year [6][8] Profitability - The gross margin improved due to a decrease in raw milk costs and an optimized product mix, with expectations for further improvement in 2024 [8] - The company’s net profit margin is projected to reach 9.9% in 2024, with a target total profit of 14.7 billion yuan [8] Market Position - The company maintains a strong competitive advantage in the market, with a diversified business layout expected to enhance profitability over the long term [6][8] - The company’s dividend payout ratio was 73.25% in 2023, with a dividend yield of approximately 4.5% [8]