Beingmate(SZ:002570) Huaxin Securities·2024-05-05 02:00Investment Rating - The report maintains a "Buy" rating for the company Beiyinmei (002570.SZ) [1] Core Views - The company's performance shows resilience with significant growth in revenue and profit, indicating a stable development trajectory [1][3] - The company is in a recovery growth phase, with continuous product upgrades and improvements expected to accelerate [3] Summary by Sections Financial Performance - In 2023, the total revenue was 25.28 billion yuan, with quarterly revenues of 6.12 billion yuan and 7.20 billion yuan for Q4 and Q1 respectively, reflecting a year-on-year growth of 1%, 2%, and 2% [1] - The net profit attributable to the parent company for 2023 was 0.47 billion yuan, showing a significant recovery from a loss of 1.76 billion yuan in 2022 [1] - The gross margin for Q1 2024 was 44.34%, an increase of 0.3 percentage points year-on-year, attributed to reduced sales discounts and increased sales of high-margin products [1] Product Segmentation - The infant formula segment saw revenue of 23.37 billion yuan in 2023, a 3% increase year-on-year, with sales volume rising by 11% [1] - The ODM business for rice flour experienced a remarkable growth of 170% in revenue, reaching 0.41 billion yuan, driven by increased custom orders [1] - Other product categories faced a decline in revenue due to structural adjustments, with a 31% decrease in revenue to 1.50 billion yuan [1] Market Strategy - The company is actively expanding its distribution channels, particularly in lower-tier cities and towns, to tap into new market segments [3] - The number of distributors increased to 1,995 by the end of 2023, reflecting a net addition of 208 distributors compared to the previous year [3] Earnings Forecast - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.09 yuan, 0.15 yuan, and 0.19 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 33, 21, and 16 [3]