餐饮业务延续高增，省外市场拓展顺利

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 22.60 CNY over the next six months [1][6][18]. Core Insights - The company reported a revenue of 1.01 billion CNY for Q1 2024, reflecting a year-on-year growth of 10.0%. The net profit attributable to the parent company was 70 million CNY, up 2.2% year-on-year. The performance met market expectations, with steady revenue growth and slight pressure on profits [6][11]. - The restaurant business continues to show strong growth, with successful expansion into markets outside the province. The revenue from the restaurant segment reached 380 million CNY, a year-on-year increase of 13.3% [6][11]. - The company is focusing on optimizing its distribution network and expanding production capacity, with plans to enhance its presence in emerging channels while maintaining traditional ones [6][11]. Financial Performance Summary - For Q1 2024, the company's revenue breakdown shows food business revenue at 600 million CNY (up 9.0% YoY) and restaurant business revenue at 380 million CNY (up 13.3% YoY). The decline in mooncake sales is attributed to seasonal factors and high base effects from the previous year [6][11]. - The gross margin for Q1 2024 was 29.8%, down 2.6 percentage points year-on-year, primarily due to a decrease in the proportion of high-margin mooncake products [6][11]. - The company has adjusted its distributor network, reducing the number of distributors by 42, while also expanding its presence in major retail chains such as Hema and Costco [6][11]. Earnings Forecast and Valuation - The company is projected to achieve revenues of 4.90 billion CNY in 2024, with a growth rate of 15.56%. The net profit attributable to the parent company is expected to reach 650 million CNY, reflecting a growth rate of 17.12% [7][12]. - The earnings per share (EPS) forecast for 2024 is 1.13 CNY, with a price-to-earnings (PE) ratio of 20 times, leading to the target price of 22.60 CNY [6][11][18].