业绩再创新高，把握多重机遇

Investment Rating - The report maintains a "Buy" rating for the company [1][5]. Core Insights - The company achieved a revenue of 868 million yuan in 2023, representing a year-on-year increase of 20.28%. The net profit attributable to the parent company was 193 million yuan, up 27.97% year-on-year. The adjusted net profit was 176 million yuan, reflecting a 24.51% increase year-on-year [1]. - In Q4 2023, the company reported a revenue of 214 million yuan, a 25.03% increase year-on-year, with a net profit of 51.65 million yuan, marking a 57.42% year-on-year growth [1]. - The company is set to launch a new project in May 2024, which will produce 30,000 tons of soluble dietary fiber, expected to significantly drive revenue growth [1]. - The Thailand production base project has made progress, with registration completed, indicating a solid foundation for future growth [1]. - The company is expanding its R&D projects, including a new project for producing 9,000 tons of human milk oligosaccharides, which has a potential market exceeding 10 billion yuan [1]. Financial Summary - The company’s total revenue is projected to grow from 868 million yuan in 2023 to 1.726 billion yuan by 2025, with a compound annual growth rate of 32.5% [3][17]. - The net profit attributable to the parent company is expected to increase from 193 million yuan in 2023 to 420 million yuan in 2025, reflecting a growth rate of 40.1% [3][17]. - The gross margin is anticipated to improve from 33.2% in 2023 to 37.4% in 2025 [3][17]. - The EPS is projected to rise from 0.78 yuan in 2023 to 1.69 yuan in 2025 [3][17].