Investment Rating - The investment rating for the company is "Outperform" (Maintain) [1] Core Insights - The company reported Q1 2024 revenue of 237 million yuan, a year-on-year increase of 7.23%, while net profit attributable to shareholders decreased by 4.18% to 17.38 million yuan. The non-recurring net profit increased significantly by 82.84% to 32.91 million yuan, primarily due to losses from locking in raw material prices in the futures market [3] - For the full year 2023, the company achieved revenue of 1.256 billion yuan, up 32.55%, and net profit attributable to shareholders of 93.85 million yuan, up 31.03%. The company has slightly adjusted its profit forecasts for 2024-2026, now expecting net profits of 111 million yuan (previously 119 million), 129 million yuan (previously 140 million), and 151 million yuan, respectively [3] - The company is focusing on modernizing its sugar production capabilities, with a capacity of 100,000 tons of white sugar and a revenue increase of 67.83% in 2023, amounting to 399 million yuan. It plans to engage in futures hedging to mitigate operational risks and lock in profits [5][4] Financial Summary - The company’s revenue is projected to grow from 1.435 billion yuan in 2024 to 1.925 billion yuan in 2026, with corresponding net profits expected to rise from 111 million yuan to 151 million yuan over the same period [6] - The gross margin is expected to stabilize around 19.5% in 2024, with net margins slightly improving to 7.7% by 2024 [6] - The company’s earnings per share (EPS) is forecasted to increase from 0.53 yuan in 2024 to 0.72 yuan in 2026, with a price-to-earnings (P/E) ratio decreasing from 8.4 to 6.1 over the same period [6] Operational Highlights - As of December 31, 2023, the company has over 22,000 dairy cows, producing approximately 300 tons of fresh milk daily. The company has multiple production lines for milk powder, yogurt, and other dairy products, with a daily processing capacity of 1,000 tons of fresh milk [21] - The company has invested 104 million yuan in its dairy farming project, with a progress rate of 46.74%. The investment includes the purchase of milking robots, which has increased non-current assets significantly [21]
骑士乳业：北交所信息更新：白糖+饲料拟套保锁利润，募投挤奶机器人逐步上线