24Q1点评：表现亮眼拐点已至，盈利改善业绩可期

Investment Rating - The investment rating for the company is "Buy" with a target price corresponding to a P/E of 17/14/12X for the years 2024-2026 [2][5]. Core Views - The company is expected to enhance its market share through the continuous penetration of its products into overseas and lower-tier domestic markets, particularly in the seeds and nuts categories [2]. - The company is actively expanding its distribution channels, particularly in county-level markets, and is expected to benefit from the "Million Terminals" plan [2]. - The cost of sunflower seeds is anticipated to decrease, leading to improved profitability for the company in 2024 [2]. Revenue Performance - In Q1 2024, the company reported a revenue of 1.822 billion yuan, representing a year-on-year growth of 36.39% [6]. - The growth was driven by strong sales in the snack wholesale channel and the popularity of nut gift boxes during the Spring Festival [6][3]. Profitability - The company's gross margin reached 30.43% in Q1 2024, an increase of 1.92 percentage points year-on-year [7]. - The net profit attributable to the parent company for Q1 2024 was 240 million yuan, reflecting a year-on-year increase of 35.15% [6]. Financial Projections - The projected net profit attributable to the parent company for 2024-2026 is 1.1 billion, 1.3 billion, and 1.6 billion yuan, respectively, with year-on-year growth rates of 36%, 20%, and 20% [2][8]. - The company's revenue is expected to grow from 6.8 billion yuan in 2023 to 7.8 billion yuan in 2024, with a growth rate of 15.01% [8]. Market Position - The company has expanded its terminal coverage to over 320,000 outlets, which is expected to drive continuous revenue growth [3]. - The company is focusing on enhancing its collaboration with high-potential wholesale channels and deepening its penetration into rural markets [3].