公司事件点评报告：业绩边际承压，推进品牌打造

Investment Rating - The report maintains a "Buy" investment rating for the company [4] Core Views - The company is advancing its marketing reforms and focusing on a vinegar, wine, and sauce strategy, aiming to enhance its brand positioning and achieve long-term excess returns [4] - The company has identified 11 national key products and 51 regional key products, optimizing its marketing strategies and resource allocation [2] - The company aims for double-digit growth in its main seasoning product sales in 2024, with a target of over 10% growth in net profit [18] Financial Projections - The company's revenue for 2023 is projected at 2,106 million, with expected growth rates of 11.3%, 9.1%, and 7.2% for 2024, 2025, and 2026 respectively [5] - The diluted earnings per share (EPS) are forecasted to be 0.08, 0.13, 0.17, and 0.20 yuan for the years 2023 to 2026 [5] - The return on equity (ROE) is expected to improve from 2.6% in 2023 to 7.0% by 2026 [5] Revenue Breakdown - The company's revenue from its vinegar, wine, and sauce segments for 2023 was 12.94, 3.27, and 1.96 million yuan respectively, with year-on-year changes of +1%, -8%, and -24% [18] - In Q1 2024, the revenue from these segments was 3.07, 0.77, and 0.33 million yuan, reflecting a decrease of 20%, 31%, and 49% respectively [18] Market Performance - The company's total market capitalization is 91 billion yuan, with a current stock price of 8.2 yuan [18] - The company has seen a decline in total revenue primarily due to the impact of previous year's stock sales, while its main seasoning products achieved a revenue increase of 2% [18]