23年完美收官 24年高增有望延续

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price corresponding to a PE ratio of 30x for 2023, 23x for 2024, and 18x for 2025 [1]. Core Views - The report highlights a clear strategic direction for the company, focusing on upgrading large packaging and expanding modern channels, which is expected to yield growth in both product categories and distribution channels [1]. - The company has successfully completed its three-year doubling target, achieving a revenue of 2.065 billion in 2023, with a year-on-year growth of 41.26% [1]. - The report anticipates a strong performance in the first quarter of 2024, driven by the sales of large packaging products and quail eggs [1]. Financial Summary - The projected net profits for 2023, 2024, and 2025 are 209 million, 271 million, and 348 million respectively, reflecting year-on-year growth rates of 68%, 30%, and 28% [1][18]. - The company achieved a net profit margin of 13.3% in Q4 2023, attributed to a decrease in raw material costs and improved operational efficiency [1]. - The report indicates that the company has repurchased 3.31 million shares, which is 0.73% of the total share capital, demonstrating confidence in its long-term development [1]. Revenue and Profit Growth - The company reported a revenue of 5.72 billion in Q4 2023, with a year-on-year increase of 26.5%, and a net profit of 76 million, up 121.7% [18]. - The expected revenue for 2024 is projected to be 2.626 billion, with a year-on-year growth of 27.2% [19]. - The gross profit margin is expected to improve from 27.2% in 2023 to 28.2% in 2025, indicating enhanced profitability [19]. Market Performance - The current stock price is 13.8, with a market capitalization of approximately 4.18 billion [9]. - The stock has shown a price range of 15.6 to 9.67 over the past year, indicating volatility in market performance [9]. Strategic Initiatives - The company is focusing on optimizing its product matrix through a "large packaging + loose sales" strategy, which is expected to enhance brand strength and profitability [1]. - The report emphasizes the importance of channel expansion and product volume exceeding expectations as catalysts for stock price performance [1].