2024年一季报点评：业务表现分化，省外布局显成效

Investment Rating - The report maintains a "Buy" rating for the company [14]. Core Insights - The company achieved a revenue of 1.012 billion yuan in Q1 2024, representing a year-on-year growth of 10.04%, and a net profit attributable to shareholders of 70.78 million yuan, up 2.22% year-on-year [10][12]. - The company is focusing on a strategy of "strong brand in catering, large-scale in food," aiming to build a "big catering, big food, big brand" industry structure, with plans to expand its market presence and enhance brand recognition [10][13]. - The company’s revenue from mooncake products and frozen products declined by 20.09% and 4.10% respectively due to high base effects from the previous year, while other food manufacturing and catering services saw revenue growth of 27.56% and 13.33% respectively [12]. Summary by Sections Financial Performance - In Q1 2024, the company reported total revenue of 1.012 billion yuan, with a net profit of 70.78 million yuan, reflecting a year-on-year increase of 10.04% and 2.22% respectively [10][12]. - The company’s gross margin and net margin were 29.81% and 7.96%, down 2.58 and 0.61 percentage points year-on-year [40]. Market Expansion - The company is deepening its market layout outside Guangdong, with revenue from Guangdong province reaching 454 million yuan and from outside Guangdong 137 million yuan, showing year-on-year growth of 6.62% and 13.69% respectively [4]. - The company added 67 new distributors and agents in Q1, while closing 109, resulting in a net decrease of 42, totaling 1,030 distributors by the end of the quarter [4]. Future Projections - The company expects net profits for 2024, 2025, and 2026 to be 647 million yuan, 752 million yuan, and 849 million yuan respectively, corresponding to a price-to-earnings ratio of 16X, 14X, and 12X based on the current stock price [10][13].