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 report maintains an "Outperform" rating for the company [30][17]. Core Insights - The company experienced stable revenue throughout the year, with 2023 revenue at RMB 6.81 billion, a year-over-year decrease of 1.13%. However, net profit attributable to shareholders fell by 17.75% to RMB 0.80 billion [2][14][39]. - In Q1 2024, the company saw significant growth, with revenue increasing by 36.39% to RMB 1.82 billion and net profit rising by 35.15% to RMB 0.24 billion [7][8][40]. - The company focused on the development of melon seeds and nuts, with sales of sunflower seeds at RMB 4.27 billion (YoY -5.36%) and nuts generating RMB 1.75 billion (YoY +8%) [16][9]. Financial Summary - For 2023, the gross profit margin decreased by 5.21 percentage points to 26.75%, and gross profit fell by 17.24% to RMB 1.82 billion. The period expense ratio decreased by 2.51 percentage points to 13.25% [2][39]. - The company projects revenues of RMB 7.75 billion, RMB 8.42 billion, and RMB 9.14 billion for 2024, 2025, and 2026, respectively, with net profits of RMB 1.06 billion, RMB 1.21 billion, and RMB 1.38 billion [17][35]. - The earnings per share (EPS) are expected to be RMB 2.09, RMB 2.39, and RMB 2.71 for 2024, 2025, and 2026, respectively [37][35]. Product and Market Development - The company continues to innovate within the melon seeds and nuts categories, focusing on product optimization and market expansion [3][16]. - The sales in the southern region were RMB 2.18 billion (YoY -1.25%), while overseas sales increased by 7.70% to RMB 0.52 billion [41][34]. - The company has established a digital platform managing over 320,000 terminal points and is actively exploring new market channels, including e-commerce and overseas markets [10][34].