Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 11.3 yuan for 2024 [9][23]. Core Insights - The company reported a revenue of 1.74 billion yuan, a year-on-year increase of 8.0%, and a net profit attributable to shareholders of 170 million yuan, which is a slight increase of 0.4% [19][23]. - In Q1 2024, the company achieved a revenue of 440 million yuan, with a net profit of 50 million yuan, reflecting a year-on-year growth of 25.6% [19][23]. - The company is a leader in the domestic aseptic packaging industry, with strong ties to key clients and rapid capacity expansion, which is expected to enhance growth potential [23]. Financial Performance Summary - For 2023, the company achieved total revenue of 1,737 million yuan, with a projected revenue growth of 8.2% in 2024, reaching 1,880 million yuan [10][35]. - The net profit attributable to shareholders is expected to grow from 170 million yuan in 2023 to 196 million yuan in 2024, reflecting a growth rate of 15.2% [10][35]. - The gross profit margin for 2023 was 21.7%, an increase of 4.4 percentage points year-on-year, primarily due to a decrease in raw material prices [23]. Market Position and Growth Potential - The company holds approximately 10.5% of the aseptic packaging market share in China and 13.4% of the liquid milk market share [23]. - The company has completed the acquisition of Fenmei, which is expected to further increase its market share in the liquid milk aseptic packaging sector [23]. Valuation Metrics - The projected P/E ratios for 2024, 2025, and 2026 are 19, 17, and 15, respectively [10][35]. - The projected net profit margins for 2024, 2025, and 2026 are 10.4%, 11.0%, and 11.2%, respectively [10][35].
新巨丰：2023年报及2024年一季报点评：经营稳中求进，盈利能力提升