公司2023/2023Q4/2024Q1 总营收分别为23.69/6.10/6.24 亿元，分别同增16%/9%/16%，主要系公司大客户进展顺利，业务全面推进所致，归母净利润分别为3.01/0.60/0.61 亿元，分别同比+40%/-3%/-20%。盈利端，由于低毛利B 端业务占比提升/新烘焙工厂产能仍在爬坡，2023/2024Q1 公司毛利率分别同减1pct/3pct 至33.14%/32.04%，后续公司通过成本控制/ 工艺优化/ 提升新品附加值逐步拉升毛利率表现；2023/2024Q1 公司销售费用率分别同减1pct/1pct 至14.64%/14.85% ， 管理费用率分别同减0.1pct/0.1pct 至2.81%/2.37%，费用端持续优化；综合导致2023/2024Q1 公司净利率分别为13.14%/10.75%，分别同比+2pct/-4pct。现金流端，2024Q1 公司经营净现金流为0.77 亿元（同增29%）。On April 25, 2024, Polaroid Foods released its 2023 Annual Report and 2024 First Quarter Report.
Key points of investment
Revenue grew steadily, and structural adjustments put pressure on profits
The company's total revenue for 2023/2023Q4/2024Q1 was 23.69/610/624 million yuan respectively, up 16%/9%/16% respectively. Mainly due to the smooth progress of the company's major customers and comprehensive business progress, net profit attributable to the mother was 3.01/0.60/0.61 billion yuan, respectively, +40%/-3%/-20% year-on-year, respectively. On the profit side, due to the increase in the share of low-margin B-side business/production capacity of the new bakery plant is still climbing, 2023/2024Q1 company's gross margin decreased by 1 pct/3 pct to 33.14%/32.04%, respectively. Subsequent companies gradually increased gross margin performance through cost control/process optimization/ improvement of the added value of new products; 2023/2024Q1 sales expenses decreased by 1 pct/1 pct to 14.64%/14.85%, respectively, and the management expense ratio was reduced by 0.1 pct/0.1 pct to 2.81, respectively %/ 2.37%, continuous optimization on the cost side; as a result, the company's net interest rate for 2023/2024Q1 was 13.14%/10.75%, respectively, +2pct/-4pct year-on-year, respectively. On the cash flow side, 2024Q1's net operating cash flow was 77 million yuan (29% increase over the same period).
In the dividend plan, the company pays a cash dividend of 3.75 yuan for every 10 shares to all shareholders, with a dividend rate of 50%.
Polymodulation contributed mainly to the impetus, and the light cooking sector is rising steadily
The remodulated products benefited from the restoration of chain restaurants. In 2023/2024Q1, the company's compound revenue was 11.45/304 million yuan, up 29%/28% respectively. Mainly due to the restoration of the chain restaurant scene, which led to an increase in demand for remodulation, the product structure changes led to a 4pct to 21% reduction in 2023. The light cooking sector has been rising steadily. In 2023/2024Q1, the company's light cooking solution revenue was 1,024/267 million yuan, respectively, and the overall pressure on the C-side was strong, driving a steady increase in light cooking. The gross margin for young cooking in 2023 was 50% (same increase of 5 pct), and profitability was steadily improving. Subsequent companies adjusted their personnel/business/product ideas for idle time. Subsequent companies adjusted their personnel/business/product ideas to promote positive growth in 2024. Beverage and dessert ingredients focus on the rise in production capacity in bakery plants. In 2023/2024Q1, the company's beverage and dessert ingredient revenue was 1.43/035 billion yuan, up 8%/1% respectively. The customer structure gradually became rich, and tea customers became an important driving force. Western-style catering customers such as Domino drove the increase in the sector, but since the new bakery was still in its infancy, it dragged down the profit side, so the gross margin of beverage and dessert ingredients decreased by 2 pct to 20% in 2023.
The B-side is growing rapidly, and the C-side has clear pioneering ideas
B-side channels contributed the main driving force. In 2023/2024Q1, the company's direct sales channel revenue was 1,903/507 million yuan, up 13%/16%, respectively. Factory customers maintained steady growth, and catering distribution customers were the main driving force. Subsequent companies continued to develop new products and develop new customers for major customers, and direct sales channels remained strong. Revenue from non-direct sales channels in 2023/2024Q1 was 408/099 million yuan respectively, up 20%/12%, respectively. The gross margin of non-direct sales channels in 2023 was 28% (same decrease of 5 pct). As of 2024Q1, the number of dealers in the company was 387, a net increase of 5 from the beginning of the year. The company continued to promote C-side product serialization and drive scale increase through innovation. Revenue growth was achieved in all regions of the country. The revenue of 2024Q1 in East China/South China/North China/Central China/Northeast/Southwest/Northwest/Overseas regions was respectively
4.96/0.24/0.37/0.18/0.16/0.06/0.03/0.07 billion, up 10%/21%/76%/53%/20%/135%/101%/117%, respectively.
Profit forecasting
As a leading Western-style polymorphism enterprise, the company has industry-leading R&D capabilities. Subsequent companies have strengthened efforts on both sides of BC to further streamline organization/product strategies. With the expansion of major customer channels, there is still plenty of room to increase the company's size. According to the annual report and quarterly report, the 2024-2026 EPS is expected to be 0.82/1.01/1.19 yuan respectively, and the current stock price is 18/15/12 times, respectively, maintaining a “buy” investment rating.
Risk warning
Downward macroeconomic risks, consumer recovery falling short of expectations, increased industry competition, C-side development falling short of expectations, and falling short of customer development expectations.
