Zuming Bean(SZ:003030) Haitong Securities·2024-06-02 06:31Investment Rating - The report assigns an "Outperform" rating to the company, indicating an expectation of better performance compared to the market index over the next six months [11]. Core Insights - The company reported a revenue of 1.478 billion yuan in 2023, a year-over-year decrease of 0.61%, while the net profit attributable to shareholders was 40 million yuan, reflecting a year-over-year increase of 5.43% [4][30]. - In Q1 2024, the company achieved a revenue of 381 million yuan, representing a year-over-year growth of 17.26%, with a net profit of 10 million yuan, up 3.93% year-over-year [4][13]. - The company is focusing on expanding its market presence through community stores and group buying, enhancing brand visibility via social media and promotional events [6][33]. Financial Performance - The company’s revenue from fresh soybean products in 2023 was 977 million yuan, showing a slight decline of 0.12% year-over-year, while plant-based protein drinks generated 218 million yuan, down 6.45% [5][17]. - The gross margin for the fresh soybean product segment was 32.08% in 2023, with projections for 2024-2026 set at 32.00% [8][34]. - The company anticipates revenues of 1.786 billion yuan in 2024, 2.152 billion yuan in 2025, and 2.478 billion yuan in 2026, with corresponding net profits of 57 million yuan, 69 million yuan, and 82 million yuan respectively [19][22]. Market Expansion and Strategy - The company has made significant strides in national expansion, establishing joint ventures in various regions and acquiring production facilities to enhance market share [33]. - The direct sales channel saw a growth of 30.69% to 244 million yuan, while the distribution model experienced a decline of 2.82% to 910 million yuan [14]. - The company aims to achieve a revenue growth rate of no less than 20% in 2024 and 50% in 2025 as part of its employee stock ownership plan [7][9].