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燕之屋:燕窝龙头,线上线下齐头并进

Investment Rating - The report assigns an "Outperform" rating for the company [16] Core Viewpoints - The company has demonstrated steady growth, with a strong professional management team. It has become the largest bird's nest enterprise globally, with a revenue and net profit CAGR of 14.72% and 18.15% respectively from 2020 to 2023. The gross margin has remained stable, while the net profit margin has fluctuated around 10% [5][41] - The bird's nest industry is experiencing robust growth with a fragmented market structure. The market size in China is expected to grow from 430 billion yuan in 2022 to 921 billion yuan by 2027, with a 5-year CAGR of 16.5% [18][28] - The company is a leader in the bird's nest industry, with a market share of 5.8% in China and 4.1% globally. It has maintained its position as the largest bird's nest company for three consecutive years [56] Summary by Sections Company Overview - The company was founded in 1997 and has a rich history in the bird's nest market. It launched the fresh bird's nest business model in 2002 and went public in 2023 [36][37] Financial Performance - The company reported a revenue of 17.94 billion yuan in 2023, with a CAGR of 12.69% from 2020 to 2023. The revenue from "bird's nest +" and "+ bird's nest" products has grown significantly, with a CAGR of 48.85% during the same period [19][41] Market Dynamics - The bird's nest market in China is characterized by a low concentration level, with the top five companies holding only 11.9% of the market share. The company has been increasing its market share consistently from 2020 to 2022 [18][33] Product Segmentation - The company's main products include pure bird's nest, "bird's nest +" products, and "+ bird's nest" products. The pure bird's nest segment remains the largest contributor to revenue [19][66] Distribution Channels - The company has a balanced online and offline sales strategy, with online revenue reaching 1.104 billion yuan and offline revenue at 860 million yuan in 2023. The CAGR for online and offline revenues from 2020 to 2023 was 15.17% and 14.14% respectively [6][75] Future Outlook - The company is expected to continue expanding its production capacity and distribution channels, with plans to open more flagship stores in major cities and enhance its online presence [79][86]