Q1业绩超市场预期，盈利水平明显提升

Investment Rating - The report initiates coverage with a "Buy" rating for the company [12][24]. Core Insights - The company has shown a steady growth trajectory with Q1 revenue exceeding market expectations, indicating a significant improvement in profitability levels [4][12]. - The company is expected to continue its stable growth due to ongoing channel improvements and new product expansions [4][12]. - Revenue forecasts for 2024-2026 are projected at 30.99 billion, 37.46 billion, and 45.02 billion yuan, representing year-on-year growth of 17%, 21%, and 20% respectively [12][24]. Summary by Sections Company Overview - The company specializes in the research, production, sales, and service of commercial kitchen equipment, including refrigeration, western kitchen equipment, and buffet equipment [11][33]. Financial Performance - In 2023, the company achieved a revenue of 26.53 billion yuan, a slight decrease of 0.39% year-on-year, with a notable recovery in domestic sales [22][24]. - The net profit attributable to shareholders for 2023 was 5.11 billion yuan, reflecting a year-on-year increase of 13.54% [22][24]. - For Q1 2024, the company reported a revenue of 6.31 billion yuan, up 5.60% year-on-year, with net profit reaching 1.64 billion yuan, a substantial increase of 68.81% [22][24]. Profitability Metrics - The gross profit margin for 2023 was 43.50%, an increase of 5.72 percentage points year-on-year, indicating improved cost management [22][24]. - The report highlights a significant rise in profitability levels, with Q1 2024 gross margin at 48.15%, up 8.05 percentage points year-on-year [23][24]. Future Outlook - The company is expected to benefit from the gradual recovery of the European and American markets, alongside the introduction of new products such as the intelligent French fry robot [22][24]. - The establishment of 31 overseas warehouses is anticipated to enhance the company's international market presence and operational efficiency [23][24].