Juewei Food (SH:603517) Wanlian Securities·2024-05-08 07:00Investment Rating - The investment rating for the company is "Add" [6][17]. Core Views - The company has turned a profit in 2023, achieving a revenue of 7.261 billion yuan, a year-on-year increase of 9.64%, and a net profit attributable to shareholders of 344 million yuan, up 46.63% year-on-year [2][3]. - The performance in 2023 was below expectations, primarily due to slower demand recovery and profitability not meeting forecasts [2][12]. - The company plans to distribute a cash dividend of 5.00 yuan per 10 shares to all shareholders [2]. Revenue and Profitability - The main business revenue for 2023 was 7.108 billion yuan, a year-on-year increase of 10.16% [2]. - The gross profit margin for 2023 was 24.77%, a slight decrease of 0.80 percentage points year-on-year, attributed to changes in revenue structure [2]. - The net profit margin increased by 1.44 percentage points to 4.37% due to improved overall expense ratios [2]. Product and Regional Performance - Fresh products showed steady growth, with revenue from fresh goods reaching 5.768 billion yuan, a year-on-year increase of 6.09% [2]. - Revenue from various product categories grew, with poultry products generating 4.478 billion yuan, up 6.50% year-on-year [2]. - Revenue by region showed mixed results, with the Southwest region declining by 3.76%, while the Northwest region saw a significant increase of 106.52% [2]. Expense Management - The company effectively managed expenses, with sales, management, and financial expenses decreasing by 16.30%, 9.95%, and 30.57% respectively [2]. - The expense ratios for sales, management, and financial costs decreased to 7.44%, 6.38%, and 0.19% respectively [2]. Earnings Forecast - The earnings forecast for 2024-2026 has been adjusted, with expected net profits of 459 million yuan, 548 million yuan, and 660 million yuan respectively, reflecting year-on-year growth rates of 33.22%, 19.45%, and 20.44% [12][14].