Investment Rating - The report maintains an "Outperform the Market" rating for the company [2][13][14]. Core Views - The company achieved a revenue of 1.901 billion yuan in 2023, representing a year-on-year growth of 27.69%, with a net profit of 134 million yuan, up 31.76% year-on-year [2][7]. - In Q1 2024, the company reported a revenue of 463 million yuan, a year-on-year increase of 8.04%, and a net profit of 35 million yuan, growing 14.16% year-on-year [2][7]. - The company has seen a rapid recovery in its direct sales channels in 2023, with a 50% year-on-year increase, while the distribution channels grew by 16% [2][8]. - The product mix optimization has led to improved profitability, with a gross margin increase of 0.25 percentage points to 23.70% in 2023 [2][32]. - The company has initiated a share buyback, purchasing 250,000 shares, which reflects confidence in its long-term development [2][9]. Financial Performance Summary - Revenue projections for 2024-2025 are adjusted to 2.225 billion yuan and 2.565 billion yuan, respectively, with a forecast for 2026 at 2.922 billion yuan [13][20]. - The net profit estimates for 2024-2025 are revised to 170 million yuan and 200 million yuan, with a 2026 forecast of 220 million yuan [13][20]. - The company’s earnings per share (EPS) are projected to be 1.68 yuan for 2024, 1.98 yuan for 2025, and 2.19 yuan for 2026 [13][20]. - The current price-to-earnings (PE) ratios are 22.6 for 2024, 19.2 for 2025, and 17.3 for 2026 [13][20]. Product and Channel Development - The company has successfully expanded its product categories, with significant revenue growth in new product lines such as steamed buns and spring rolls, which saw increases of 158% and 76% year-on-year, respectively [2][8]. - The company plans to enhance its service to large B customers and actively develop new large B clients, which is expected to contribute to revenue growth [2][9].
千味央厨：2024年一季度公司收入同比增长8%，产品结构优化