Event: the company released its quarterly report of 2024, and 2024Q1 achieved revenue of 624 million yuan, + 15.72% year on year.BestandroidnftgameThe net profit of return to the mother is 61 million yuan,-20.36% compared with the same period last year; the net profit of non-return to the mother is 52 million yuan, which is-7.04% compared with the same period last year. The compound seasoning maintained a high growth, and the big B end continued to perform well. According to the category, the revenue of 2024Q1 compound seasoning / light cooking solution / beverage dessert ingredients reached RMB 2.07 million respectively, compared with the same period last year, + 27.7%, 5.8%, 0.6%. The high growth rate of compound seasoning is mainly due to 1) the dislocation of Spring Festival time with that of last year, and 2) the growth and deep ploughing of customers. From a channel-by-channel point of view, the annual revenue of 2024Q1 direct sales / non-direct sales is 507.99 million yuan, which is 12.01% higher than that of the same period last year. Among them, the large B-end 24Q1 continues to perform well and remains the main driver of performance growth; C-side blank 24Q1 is expected to decline. At the profit end, the gross profit margin has declined slightly, and the expense rate has been well controlled. The gross profit margin of 2024Q1 is 32.04%, and the net profit margin of-3.05pctters2024Q1 is 10.75%.Bestandroidnftgame, year on year-3.79pct. We believe that the decline in gross profit margin is mainly due to the structural adjustment of terminal B and C, while the promotion gross margin has also declined. On the expense side, the 24Q1 sales / management / R & D / financial rate is year-on-year-1.24/-0.14/-0.26/+0.08pct, and the expense rate is well controlled, showing a downward trend as a whole. The main reason for the decline in net interest rate is that 1) the gross margin level of C-end decreases, and 2) the proportion of cost input is relatively high. Investment suggestion: the position of B-end supply chain continues to strengthen, and the expansion logic is expected to go further. The company is currently a strategic supplier to Yum and a member of the McDonald's Cooking Committee, backed by two major catering giants. In addition, Zhejiang Baoli Yum joint venture plant has been put into production, B-end business has a bright future, the follow-up core depends on the breakthrough of individual products such as baking, while C-end business remains stable. We estimate that revenue from 2024-2026 will be 26.33Universe 30.59 / 3.634 billion yuan, compared with the same period last year + 11.14% Universe 16.20% RMB18.77%, the net profit from the parent is 2.72% RMB319 million, the year-on-year net profit is-9.78% Universe 17.42% Plus 17.34%, and the EPS is 0.68 ppm 0.80ppm 0.94 yuan respectively, corresponding to PE21.72/18.50/15.77x, maintaining the company's "overweight" rating. Risk tips: food safety risk, raw material price fluctuation risk, big customer expansion can not meet the expected risk. [disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.
[disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.
