公司点评：进一步聚焦主业，期待利润兑现

Investment Rating - The report maintains a "Buy" rating for the company [1][2][8] Core Views - The company achieved a revenue of 13.581 billion RMB in 2023, a year-on-year growth of 5.74%, while the net profit attributable to shareholders decreased by 3.86% to 1.270 billion RMB [1][4] - The company is focusing on its core yeast business, with a notable increase in the proportion of revenue from this segment, while sugar and packaging businesses are gradually declining [1] - The report anticipates that domestic demand will improve as downstream industries like baking and condiments recover, and overseas markets will continue to grow rapidly due to new market expansions and capacity increases [1][2] Summary by Sections Performance Overview - In Q4 2023, the company reported a revenue of 3.928 billion RMB, a 1.76% increase year-on-year, but the net profit attributable to shareholders fell by 15.48% to 358 million RMB [1] - The company’s yeast and deep-processed products generated revenue of 9.51 billion RMB, while sugar and packaging segments generated 420 million RMB and 1.71 billion RMB, respectively [1] Business Analysis - The yeast segment saw a sales volume of 348,500 tons in 2023, up 10.4% year-on-year, although the price per ton decreased by 4.5% due to increased promotional activities and product mix adjustments [1] - Domestic revenue decreased by 1.2% to 8.761 billion RMB, while international revenue grew by 22.0% to 4.786 billion RMB [1] Cost and Margin Analysis - The net profit margin for the full year 2023 was 9.4%, down 0.9 percentage points year-on-year, with the main raw material costs stabilizing but market competition impacting gross margins [1] - The report notes a decrease in the cost per ton of yeast by 3.1% due to lower logistics and energy costs [1] Profit Forecast and Valuation - The report projects net profits of 1.38 billion RMB, 1.61 billion RMB, and 1.89 billion RMB for 2024, 2025, and 2026, respectively, with growth rates of 8%, 17%, and 18% [2][4] - The price-to-earnings ratios for the next three years are estimated at 20x, 17x, and 14x [2]