洽洽食品：公司年报点评：全年营收平稳，一季度业绩亮眼

Investment Rating - The investment rating for the company is "Outperform the Market" [3][24]. Core Views - The company reported a stable annual revenue of 6.806 billion yuan in 2023, a year-over-year decrease of 1.13%, with a net profit attributable to shareholders of 803 million yuan, down 17.75% year-over-year [5][21]. - In Q1 2024, the company achieved a revenue of 1.822 billion yuan, representing a year-over-year growth of 36.39%, and a net profit of 240 million yuan, up 35.15% year-over-year [5][6]. - The company continues to focus on the development of seed and nut categories, with innovative product offerings and market penetration strategies [22]. Financial Performance Summary - The company’s revenue for 2023 was 68.06 billion yuan, with a gross margin of 26.75%, down 5.21 percentage points year-over-year [21]. - The gross profit decreased by 17.24% to 18.21 billion yuan [21]. - The company’s operating expenses as a percentage of revenue decreased by 2.51 percentage points to 13.25% [21]. - The forecast for 2024 estimates revenue of 77.46 billion yuan and a net profit of 10.57 billion yuan, with an expected EPS of 2.09 yuan [24][35]. Product and Market Development - The nut category generated revenue of 1.753 billion yuan, an increase of 8% year-over-year, with a gross margin improvement of 1.02 percentage points [7]. - The company is expanding its product matrix in the nut gift segment, targeting lower-tier markets [7]. - The company has established a digital platform controlling over 320,000 terminal points, enhancing its distribution channels [12]. Regional and Channel Performance - In 2023, the southern region generated 2.181 billion yuan in sales, a decrease of 1.25%, while the overseas market saw a revenue increase of 7.70% to 516 million yuan [23]. - The e-commerce channel generated 715 million yuan, down 1.25% year-over-year [23]. Valuation and Investment Recommendation - The company is expected to have a PE ratio of 20-25 times for 2024, with a reasonable value range of 41.80 to 52.25 yuan per share [24].