Investment Rating - The investment rating for the company is "Buy" and is maintained [16] Core Views - The company reported a total revenue of 1.901 billion yuan in 2023, representing a year-on-year increase of 27.69%, with a net profit attributable to shareholders of 134 million yuan, up 31.43% [4][34] - The company is focusing on the development of its distribution channels, particularly in the B-end market, which is becoming increasingly competitive [27] - The company plans to repurchase shares to enhance investor confidence, with a total repurchase amount expected to be between 60 to 100 million yuan [33] Financial Performance - In 2023, the company achieved a total revenue of 1.901 billion yuan, with a net profit of 134 million yuan and a non-recurring net profit of 123 million yuan [4] - For Q4 2023, the total revenue was 573 million yuan, with a net profit of 40.0034 million yuan [4] - For Q1 2024, the total revenue was 463 million yuan, with a net profit of 34.5751 million yuan [4] Revenue Breakdown - Revenue from fried products in 2023 was 870 million yuan (+24.23%), steamed products 373 million yuan (+26.41%), baked goods 355 million yuan (+29.16%), and other dishes 295 million yuan (+38.63%) [31] - Direct sales revenue in 2023 was 775 million yuan (+49.89%), while distribution revenue was 1.118 billion yuan (+15.73%) [32] Profitability Metrics - The company's net profit margin increased by 0.20 percentage points to 7.06% in 2023, with a gross margin of 23.7% [33] - For Q1 2024, the net profit margin improved to 7.46%, with a gross margin of 25.45% [33] Future Earnings Forecast - The forecast for net profit attributable to shareholders for 2024, 2025, and 2026 is 175 million yuan, 198 million yuan, and 230 million yuan respectively, with corresponding EPS of 1.77, 1.99, and 2.31 yuan [34]
千味央厨2023年报&2024年一季报点评：稳健基调延续，关注经销发展