23年顺利收官，24Q1短期承压

Investment Rating - The report maintains a "Hold" rating for the company, with a current price of 15.49 CNY and a target price not specified for the next six months [7]. Core Insights - The company achieved a revenue of 32.1 billion CNY in 2023, representing a year-on-year growth of 31.6%, and a net profit attributable to the parent company of 5.3 billion CNY, up 54.2% year-on-year [7][27]. - In Q4 2023, the company reported a revenue of 8.8 billion CNY, a slight decline of 0.8% year-on-year, and a net profit of 1.4 billion CNY, down 8.5% year-on-year [7]. - For Q1 2024, the company achieved a revenue of 8.9 billion CNY, reflecting a growth of 9.3% year-on-year, and a net profit of 1.5 billion CNY, up 6.7% year-on-year [7]. Revenue and Profitability - The soy sauce segment generated 20.4 billion CNY in revenue in 2023, with a year-on-year growth of 34.9%, driven by the trend towards zero-additive products [7][27]. - The vinegar and other segments reported revenues of 4.2 billion CNY and 7.0 billion CNY, respectively, with year-on-year growth rates of 11.7% and 28.9% [7]. - The gross margin for 2023 was 37.2%, an increase of 0.6 percentage points year-on-year, while the gross margin for Q1 2024 was 36%, a decrease of 3.1 percentage points year-on-year [7][27]. Future Outlook - The company is expected to continue expanding its zero-additive product line and enhance its market presence, particularly in vinegar and cooking wine categories, with a focus on increasing the proportion of high-margin products [7][27]. - The report forecasts that the company's earnings per share (EPS) for 2024-2026 will be 0.62 CNY, 0.73 CNY, and 0.86 CNY, respectively, with corresponding dynamic price-to-earnings (PE) ratios of 25, 21, and 18 [7][27].