公司事件点评报告：增长势能强劲，规模效应持续释放

Investment Rating - The report maintains a "Buy" investment rating for the company [4][35]. Core Views - The company is expected to see stable growth driven by the continuous release of new products and improvement in gross margins for core products. The earnings per share (EPS) forecasts for 2023, 2024, and 2025 are projected to be 0.46, 0.60, and 0.74 yuan respectively, with corresponding price-to-earnings (PE) ratios of 30, 23, and 19 times [4][30]. Financial Performance Summary - The company reported total revenue of 2.065 billion yuan in 2023, representing a year-on-year growth of 41.3%. The net profit attributable to shareholders was 209 million yuan, up 67.9% from the previous year. The growth was attributed to the continuous development and optimization of distributors, terminal market construction, new product promotions, and increased revenue from new media platforms [16][5]. - The fourth quarter of 2023 saw total revenue of 572 million yuan, a 27% increase year-on-year, with net profit attributable to shareholders reaching 76 million yuan, marking a 122% increase [16]. - The company has successfully expanded its product matrix, particularly with the rapid growth of quail eggs and the completion of the first round of distribution for the new product, deep-sea fish [16][4]. Earnings Forecast - The forecast for the company's main revenue and net profit for the years 2023 to 2025 is as follows: - Main Revenue (million yuan): 2,065 (2023E), 2,652 (2024E), 3,268 (2025E) - Net Profit (million yuan): 209 (2023E), 269 (2024E), 335 (2025E) - EPS (yuan): 0.46 (2023E), 0.60 (2024E), 0.74 (2025E) - ROE (%): 19.3% (2023E), 22.2% (2024E), 24.4% (2025E) [5][4].