业绩符合预期，期待后续价格改善

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [2][14]. Core Insights - The company reported a revenue of 1.213 billion RMB for Q1 2024, a year-on-year decrease of 12.30%, and a net profit attributable to shareholders of 129 million RMB, down 47.37% year-on-year, which aligns with expectations [3][30]. - The company’s product prices are currently at historical lows, suggesting a potential bottoming out of its fundamentals. The report highlights that the price of sucralose is 110,000 RMB/ton and aspartame is 38,000 RMB/ton [30]. - The report revises the net profit forecasts for 2024 and 2025 to 713 million RMB (-14.53%) and 807 million RMB (-13.6%), respectively, with an introduction of a 2026 forecast of 986 million RMB [14][31]. Summary by Sections Financial Performance - The company’s revenue for 2023 is projected at 5.311 billion RMB, with a growth rate of -26.75%. The net profit is expected to be 704 million RMB, reflecting a -58.46% growth rate [31]. - The diluted earnings per share (EPS) for 2024, 2025, and 2026 are forecasted to be 1.25, 1.42, and 1.73 RMB, respectively, with corresponding price-to-earnings (P/E) ratios of 19.51X, 17.22X, and 14.10X [14][31]. Market Analysis - The report notes a favorable supply structure for sucralose, with the top three producers, including the company, holding an 80% market share. This suggests potential price elasticity if supply conditions change [30]. - The report indicates that the price of maltol is recovering from its bottom, with current prices at 95,000 RMB/ton and 75,000 RMB/ton for methyl maltol and ethyl maltol, respectively [30].