公司季报点评：收入稳健增长，利润率承压

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The report indicates that the company's gross profit margin is under pressure, with a gross margin of 33.14% in 2023, down 1.43 percentage points year-on-year, primarily due to a significant decline in the gross margin of compound seasonings [5] - The company is expected to achieve earnings per share (EPS) of 0.72, 0.82, and 0.93 yuan for the years 2024 to 2026, respectively, with a reasonable valuation range of 18 to 21.6 yuan based on a price-to-earnings (PE) ratio of 25 to 30 times for 2024 [6] Financial Performance - In 2023, the company's revenue was 2.369 billion yuan, a year-on-year increase of 16.31%, while the net profit attributable to the parent company was 301 million yuan, up 39.78% year-on-year [10] - For Q1 2024, the company reported revenue of 624 million yuan, a year-on-year increase of 15.72%, but the net profit attributable to the parent company decreased by 20.36% to 61 million yuan [10] - The company’s revenue from compound seasonings in Q1 2024 increased by 27.7% year-on-year, indicating strong performance in this segment [11] Revenue and Profitability Forecast - The company’s revenue is projected to grow steadily, with expected revenues of 2.769 billion yuan in 2024, 3.127 billion yuan in 2025, and 3.450 billion yuan in 2026, reflecting growth rates of 16.9%, 12.9%, and 10.3%, respectively [13] - The gross margin is expected to decline slightly to 32.5% in 2024 and further to 32.0% by 2026 [20] Product Segmentation - The report highlights that the revenue from the compound seasoning segment is expected to grow at rates of 25%, 18%, and 15% over the next three years, with gross margins of 21.17%, 21.42%, and 21.67%, respectively [16] - The light cooking solutions segment is projected to see revenue growth of 10%, 8%, and 5% over the same period, with gross margins remaining above 49% [15]