Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the market benchmark index within the next six months [3][21]. Core Insights - The company reported a strong performance in 2023, achieving revenue of 1.923 billion yuan, a year-on-year growth of 20.5%, and a net profit of 283 million yuan, reflecting a 39.4% increase [10]. - The growth in profitability is attributed to three main factors: increased sales volume of key products, successful price adjustments, and a decline in commodity prices, which collectively enhanced profit margins [10][11]. - The company’s operating profit margin improved by 2.48 percentage points to 19.96%, and the net profit margin increased by 2 percentage points to 14.74%, contributing to a return on equity (ROE) rise of 4.55 percentage points to 20.37% [10]. Financial Data and Valuation - The financial projections for the company are as follows: - Revenue (in million yuan): 2023E: 1,923, 2024E: 2,129, 2025E: 2,255 - Net Profit (in million yuan): 2023E: 283, 2024E: 326, 2025E: 360 - EPS (in yuan): 2023E: 0.63, 2024E: 0.73, 2025E: 0.80 - P/E Ratio: 2023E: 21.2, 2024E: 18.5, 2025E: 16.7 [2][10][11]. - The report suggests a target price of 16.35 yuan per share for 2024, based on a reasonable P/E of 22 times [11]. Business Outlook - The canned fruit business is expected to continue its healthy growth trajectory, supported by the company's technological advantages and strong supply chain capabilities in the coconut juice segment [11]. - The report highlights significant potential for growth in the B-end supply chain business, which is anticipated to contribute additional revenue streams [11].
23年超预期收官，盈利弹性持续释放