Gaishi Food(BJ:836826) Shanxi Securities·2024-06-30 02:00Investment Rating - The report assigns an "Accumulate-A" rating to the company, indicating a positive outlook for the stock over the next 6-12 months [26]. Core Viewpoints - The company has shown strong operational performance with a consistent growth trend, achieving total revenue of 490 million yuan in 2023, a year-on-year increase of 34.75%, and a net profit of 34.87 million yuan, up 8.09% year-on-year [3][30]. - The company is positioned in the cold dish industry, which has significant market potential, and is actively expanding production capacity to meet market demand [4][30]. - The company is focusing on both domestic and international markets, with plans to establish a wholly-owned subsidiary in Singapore and a joint venture in the meat and poultry sector [15][30]. Financial Performance - The company achieved a total revenue of 490 million yuan in 2023, with a year-on-year growth of 34.75% [3]. - The net profit for 2023 was 34.87 million yuan, reflecting an 8.09% increase compared to the previous year [3]. - The company’s gross margin was 19.3% in 2023, with a projected EPS of 0.25 yuan for the same year [17][30]. Market Position and Strategy - The company is recognized as a leading player in the cold dish sector, with a diverse product matrix that includes marine vegetables and nutritional mushrooms [62]. - The company has a strong market share in the seasoning kelp category, with a leading position in the domestic market [15][30]. - The report highlights the company's strategic focus on enhancing its supply chain and expanding its sales channels, particularly in the B2B and B2C segments [15][30]. Production Capacity and Expansion - The company has successfully completed its production expansion projects, increasing its annual capacity to 15,000 tons [4][30]. - The company’s production facilities have been upgraded to improve efficiency and meet growing demand, particularly for its mushroom and seaweed products [15][30]. Future Outlook - The company is expected to see continued growth in net profit, with projections of 47 million yuan in 2024, representing a year-on-year increase of 33.7% [30]. - The report anticipates that the company will benefit from the increasing demand for pre-prepared foods in both domestic and international markets [15][30].