专注的劲仔：卓越产品力，增长新阶段！

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 21.03 RMB, indicating a potential upside of 50% from the current price of 14 RMB [7]. Core Insights - The spicy snack market in China is projected to exceed 200 billion RMB in 2023, growing at 13% year-on-year, and accounting for 22% of the overall snack food market [7]. - The company focuses on high-protein products and aims to expand its product matrix, targeting a revenue of 3 billion RMB by 2030 [8]. - The company has a robust supply chain management system, with a self-production ratio of over 90%, ensuring quality and cost control [8]. - The company is expanding its distribution channels, with a significant focus on modern retail and online sales, which have shown rapid growth [8]. Financial Forecast Summary - The company is expected to achieve revenues of 20.9 billion RMB, 27.6 billion RMB, and 33.4 billion RMB for the years 2023, 2024, and 2025 respectively, with corresponding net profits of 2.1 billion RMB, 2.8 billion RMB, and 3.6 billion RMB [8]. - The projected earnings per share (EPS) are 0.45 RMB, 0.62 RMB, and 0.80 RMB for the years 2023, 2024, and 2025 [8]. - The company’s revenue growth rates are forecasted at 43.27%, 31.96%, and 20.68% for the years 2023, 2024, and 2025 respectively [8].