公司2024Q1 总营收7.47 亿元（同增3%），营收恢复性增长，归母净利润0.35 亿元（同减12%），利润表现相对承压。盈利端， 公司2024Q1 毛利率为16.37% （ 同减0.04pct），销售/管理费用率分别为3.44%/3.70%，分别同比+0.2pct/-1pct，综合来看，公司2024Q1 净利率同减1pct至6.47%。现金流端，2024Q1 公司经营净现金流为1.19 亿元（2023Q1 为-0.05 亿元）。On April 29, 2024, Aipu Co., Ltd. announced its results report for the first quarter of 2024.
Key points of investment
Revenue is recovering, and the profit side is under relative pressure
The company's total revenue for 2024Q1 was 747 million yuan (up 3% from the same period), and revenue recovered. Net profit to mother was 35 million yuan (same decrease of 12%), and profit performance was under relative pressure. On the profit side, the company's 2024Q1 gross margin was 16.37% (same decrease of 0.04pct), and sales/management expense ratios were 3.44%/3.70%, respectively, +0.2pct/-1pct year-on-year, respectively. Taken together, the company's 2024Q1 net margin decreased by 1 pct to 6.47%. On the cash flow side, 2024Q1's net operating cash flow was 119 million yuan (2023Q1 was -05 billion yuan).
Flavors and fragrances are steady, moderate and positive, and the development of major customers continues to advance
The growth rate of flavors is obvious. Food ingredients focus on improving market demand. 2024Q1's revenue for flavors/flavors/food ingredients was 1.53/0.47/541 million yuan respectively, with sales of main products showing a growing trend. Among them, the fast growth rate of flavors/fragrance revenue is expected to benefit mainly from the recovery in market demand/increased customer service. The company continued to promote brand building to increase the market share of the fragrance business; the revenue of the food ingredients business remained flat year-on-year, and the company accelerated the promotion of “food ingredients R&D and manufacturing” The “base project” is expected to further increase sales with the commissioning of new industrial chocolate production capacity, promotion of intended orders, and expansion of customer resources. Major customer expansion promoted a steady increase in direct sales channels. 2024Q1's distribution/direct sales channel revenue was 1.54 to 587 million yuan respectively, up 0.1%/4% respectively. The direct sales channel growth rate continued. The company then increased the expansion and layout of domestic and foreign markets to target customers and promote the introduction of new customers on the basis of strengthening in-depth cooperation with existing customers.
Profit forecasting
The company adheres to the concept of “flavor and fragrance as the lead, integrated development of food ingredients”, deepens its main business, and continues to pay attention to the development direction of traditional fields such as dairy products and beverages and other emerging business formats. We are optimistic about the expansion of the company's industrial chocolate production and creating a second growth curve. According to the first quarterly report, EPS is expected to be 0.36/0.42/0.47 yuan in 2024-2026, and the current stock price is 21/18/16 times PE, respectively, maintaining a “buy” investment rating.
Risk warning
Downward macroeconomic risks, risk of policy changes, risk of rising raw materials, falling short of expectations in industrial chocolate growth, etc.
