积极延申多元业务线，中华老字号粽企继往开来

Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 32.78 yuan based on a 22x P/E ratio for 2024 [36][38]. Core Insights - The company, a well-established brand in the traditional Chinese food sector, is expanding its product lines beyond rice dumplings to include baked goods, frozen foods, and ready-to-eat meals, aiming to solidify its position as a leading brand in seasonal foods [35][41]. - The company reported a revenue of 26.4 billion yuan in 2023, reflecting a year-on-year growth of 7.0%, with a net profit of 1.7 billion yuan, up 23.1% [35][41]. - The company benefits from low raw material prices, which helps maintain cost advantages in the rice dumpling and baking sectors [35][41]. Summary by Sections 1. Company Overview - Founded in 1921, the company has evolved into a leading brand in seasonal foods, particularly rice dumplings, and has recently gone public [35][41]. - The company has a strong market presence, particularly in East China, which accounts for nearly 50% of its revenue [20][35]. 2. Market Trends - The rice dumpling market is experiencing stable growth, with the company achieving a revenue of 19 billion yuan in the first three quarters of 2023, up 11% year-on-year [35][41]. - The baking industry is also growing, with the company leveraging its existing distribution channels to expand its mooncake business, which generated 1.6 billion yuan in revenue, a 13% increase [35][41]. 3. Financial Performance - The company’s revenue for 2022 was 24.62 billion yuan, a decrease of 14.9% from the previous year, primarily due to pandemic-related disruptions [37]. - The projected earnings per share for 2023, 2024, and 2025 are 1.17, 1.49, and 1.73 yuan, respectively [36][37]. 4. Production Capacity and Efficiency - The company has a production capacity utilization rate of 78.4% for its rice dumpling business, with plans to enhance production efficiency through automation [20][27]. - New production projects are expected to alleviate production pressure and improve profitability by increasing the proportion of self-manufactured products [20][27]. 5. Strategic Initiatives - The company is actively pursuing a nationwide expansion strategy, with significant growth in northern markets and a focus on penetrating lower-tier cities [20][35]. - The introduction of a new retail model emphasizes retail over dining, aiming to reduce fixed costs and enhance sales [18][19].