gameslikecrashlands|安井食品(603345)：主业稳健2024Q1盈利能力创新高 提分红重视股东回报

Event company's revenue in 2023 is 140.Gameslikecrashlands.500 billion yuan (year-on-year + 15.3%), net profit 1.48 billion yuan (year-on-year + 34.2%); 2023Q4 income 3.77 billion yuan (year-on-year-6.3%), net profit 360 million yuan (year-on-year-13.4%); 2024Q1 income 3.75 billion yuan (year-on-year + 17.7%), net profit 440 million yuan (+ 21.2%). The main investment points are sound, and the scale effect continues to show the steady growth of the company's annual income in 2023 and 2024Q1, mainly because the company adheres to the channel strategy of "taking into account both BC and the whole channel" and the product strategy of "staple food development, main course listing", using explosive thinking to create large items, forcefully enter the field of prefabricated dishes, create competitive advantages in products and channels, and constantly improve the market share and product penetration of quick-frozen food. Coupled with the production capacity of each base, the scale effect continues to be reflected. According to the products in 2023, quick-frozen rice products / frozen meat products / quick-frozen surimi products / frozen dishes products / agricultural and sideline products / snack food / itGameslikecrashlandsHis business realized an income of 25.4%, 26.3, 44.1, 39.3, 5.1, and 0.2 billion yuan, respectively, compared with the same period last year. + 5.4%, 10.2%, 11.8%, 29.8%, 34.0%, 55.2, 3.2%. The income of quick-frozen traditional prepared food has increased steadily. Revenue from frozen food products increased by 29.8%, mainly due to the combined contribution of Anjing Chef Increment and Xinliuwu. The income of agricultural and sideline products also increased significantly, mainly due to the contribution of Xinliuwu. Low cost superimposed economies of scale, boosting profitability by 2023 gross profit margin of 23.2% (year-on-year + 1.3pct) and net profit margin of 10.7% (year-on-year + 1.5pct). The sales expense rate in 2023 is 6.6 per cent (year-0.6pct); the management expense rate is 2.7 per cent (year-on-0.1pct); the R & D expense rate is 0.7 per cent (year-on-year-0.1pct); and the financial expense rate is-0.6 per cent (unchanged from the same period last year). The decline in raw material costs and scale effect led to an increase in gross profit margin. 2024Q1 gross margin is 26.6% (year-on-year + 1.8pct) and net margin is 11.7% (year-on-year + 0.1pct). 2024Q1 sales expense rate 7.5% (year-on-year + 0.1pct); management expense rate 3.1% (year-on-year + 0.3pct); R & D expense rate 0.6% (year-on-year level); financial expense rate-0.5% (year-on-year + 0.2pct). The net interest rate of 2024Q1 has reached a new high, which we believe is mainly due to the optimization of product structure and the increase in the proportion of high-end products. Pay attention to shareholder returns, increase the dividend ratio and consider buybacks as cash dividends. The company's planned dividend rate in 2023 is 53% (about 30% in the previous period). Profit forecast and valuation estimate that the company's revenue from 2024 to 2026 is 163.9 yuan, 192.8 yuan and 22.49 billion yuan respectively, and the net profit is 17.4 yuan, 20.5 yuan and 2.42 billion yuan respectively. The risk indicates that the price of raw materials fluctuates and the demand for capacity is lower than expected. [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.