润盈、泛缘供应链增厚收入，期待持续改善

Investment Rating - The report does not specify a clear investment rating for the company [1]. Core Insights - The company achieved a revenue of 1.634 billion yuan in 2023, representing a growth of 65.7%, but the net profit attributable to the parent company decreased by 24.9% to 57.58 million yuan [16]. - In Q1 2024, the company reported a revenue of 400 million yuan, a decline of 11.1%, while the net profit attributable to the parent company increased by 9.3% to 30 million yuan [16]. - The integration of Yunyang Runying and the supply chain of Fan Yuan has shown positive effects, with significant revenue growth in various segments [16]. - The company plans to distribute a cash dividend of 0.10 yuan per share and a capital reserve conversion of 0.4 shares per share [16]. Financial Performance Summary - Revenue projections for 2024-2026 are 1.902 billion yuan, 2.253 billion yuan, and 2.587 billion yuan, with growth rates of 16.4%, 18.4%, and 14.8% respectively [2]. - The net profit attributable to the parent company is expected to be 78.10 million yuan, 102.88 million yuan, and 134.49 million yuan for the years 2024-2026, with growth rates of 35.6%, 31.7%, and 30.7% respectively [2]. - The earnings per share (EPS) are projected to be 0.18 yuan, 0.24 yuan, and 0.31 yuan for 2024-2026 [2]. Business Segment Analysis - Probiotics beverage sales are expected to maintain a growth rate of 3% from 2024 to 2026, with price increases anticipated [6]. - The probiotics food segment is projected to see significant growth, with sales growth rates of 85%, 80%, and 40% for 2024-2026, maintaining stable pricing and high gross margins [34]. - The supply chain business is expected to grow at rates of 13%, 10%, and 10% from 2024 to 2026, with a consistent gross margin of 10% [20]. Profitability Metrics - The gross margin for 2023 was 24.4%, with an increase to 29.5% in Q1 2024, indicating a recovery in profitability [16]. - The net profit margin for 2023 was 4%, which improved to 6.5% in Q1 2024 [16]. - The report highlights the impact of business restructuring on profitability, with expectations for gradual recovery as new products are launched and prices are adjusted [16].