2023年度业绩快报点评：春节跨期影响短期业绩，关注后续成本走势

Investment Rating - The report maintains a "Buy" rating for the company [2][13]. Core Insights - The company experienced a revenue decline of 1.13% in 2023, with a net profit decrease of 17.50%. The fourth quarter saw a revenue drop of 6.90% and a net profit decline of 14.31% [10]. - The company is focusing on the performance of its nut products, which are expected to drive growth in Q1 2024 due to strong demand during the Chinese New Year [1]. - The cost of core raw materials, particularly sunflower seeds, has shown signs of relief, which may positively impact profit margins moving forward [11]. Financial Summary - The company's projected revenues for 2023 are 6.806 billion yuan, with a net profit of 805 million yuan. For 2024, revenues are expected to rise to 8.004 billion yuan, with a net profit of 1.120 billion yuan [3][10]. - Earnings per share (EPS) for 2023 is estimated at 1.59 yuan, with projections of 2.21 yuan for 2024 and 2.60 yuan for 2025 [2][3]. - The company's price-to-earnings (P/E) ratio is projected to be 21 for 2023, decreasing to 15 in 2024 and 13 in 2025 [2][3]. Product Performance - The nut category, particularly gift box products, performed well during the pre-Chinese New Year stocking period, which is expected to contribute to a strong Q1 2024 performance [1]. - The company has introduced sub-brands like "Mao Ke" and "Kuaida" to compete with private label products, with expected revenues of 300-400 million yuan in 2023 [1]. - The sunflower seed category has shown recovery, with stable performance from high-end products, while new products are anticipated to maintain good performance in 2024 [1].