Investment Rating - The investment rating for the company is "Accumulate" (maintained) [7] Core Views - The company reported a revenue of 479 million yuan in 2023, representing a year-on-year growth of 7.06%, while the net profit attributable to the parent company was 59.21 million yuan, a decline of 9.33% compared to the previous year. The decrease in net profit was attributed to a larger decline in product sales prices compared to the decrease in raw material costs, leading to a drop in gross margin [7] - The company is expanding its production capacity by investing 100 million yuan in a new project to produce 80,000 tons of tea beverage materials annually, which is expected to enhance its market competitiveness and profitability [7][19] - The company plans to establish a wholly-owned subsidiary in Hong Kong to enhance its international competitiveness and support its global development strategy [7][19] Financial Performance Summary - In 2023, the company's main products, konjac powder and konjac food, saw an increase in sales volume, while sales prices decreased. The sales revenue from konjac beauty products dropped by 58.46% due to reduced demand in overseas markets [8] - The company anticipates a decline in net profit for 2023-2025, with projected figures of 59 million yuan (originally 68 million yuan), 63 million yuan (originally 86 million yuan), and 72 million yuan (originally 95 million yuan) respectively. The corresponding EPS is expected to be 0.80, 0.85, and 0.98 yuan per share [7][8] - The company is focusing on expanding its applications in the konjac powder, compound powder, and downstream konjac product processing sectors, particularly in jelly, ingredients, and tea beverage industries [8]
北交所信息更新：魔芋粉、食品支撑营收增长，建设年产8万吨茶饮小料项目