跟踪报告：产品增长势能不减，渠道拓展空间广阔

Investment Rating - The report maintains a "Buy" rating for the company, with 2023-2025 EPS forecasts of 0.46/0.58/0.73 yuan, and corresponding P/E ratios of 30X/24X/19X [2][3] Core Views - The company's "large packaging strategy" has successfully expanded its terminal network and modern channels, leading to increased brand exposure and accelerated growth in existing channels [1] - The new quail egg product has performed well and is expected to become the company's second growth curve, with rapid sales growth in bulk channels [1] - The company's channel expansion and strong product performance support the "Buy" rating [2] Market Data - Total shares outstanding: 451 million [4] - Market capitalization: 6.107 billion yuan [4] - 1-year low/high price range: 9.67/16.37 yuan [4] - 3-month turnover rate: 107.32% [4] Financial Performance - Revenue growth is strong, with 2023E revenue expected to reach 2.158 billion yuan, a 47.63% increase year-over-year [12] - Net profit for 2023E is forecasted at 205 million yuan, a 64.76% increase year-over-year [12] - ROE (diluted) is expected to improve from 12.88% in 2022 to 19.96% in 2025E [12] Product and Channel Development - The quail egg product has shown strong sales momentum, with monthly sales surpassing previous highs in January 2024 due to pre-holiday stocking [20] - The company is expanding its product line, with a focus on bean products, which have the potential to become the third growth curve [20] - The new factory expected to be operational in Q2 2024 will support further capacity for quail egg production [20] Cost and Profitability - The company has optimized costs for quail eggs, with the average price per kilogram dropping from 5.98 yuan in 2023 to 5.31 yuan in Q4 2023 [11] - The company is investing in upstream quail egg farming to stabilize costs and reduce logistics losses [11] - Gross margin for quail eggs improved in Q4 2023 due to scale effects and lower raw material prices [11] Valuation Metrics - P/E ratio is expected to decrease from 30X in 2023E to 19X in 2025E [12] - P/B ratio is forecasted to decline from 4.4X in 2023E to 3.7X in 2025E [12] - EV/EBITDA is projected to drop from 23.9X in 2023E to 15.9X in 2025E [12]