2023年报点评：经营压力仍存，紧盯需求改善

Investment Rating - The report assigns a "Recommendation" rating to the company, with a target price of approximately 8 yuan based on a 21x PE for 2024 [1][31]. Core Views - The company maintained stable demand with a Q4 revenue increase of 2.03% year-on-year. For the full year, revenue from bread, mooncakes, and rice dumplings reached 6.532 billion, 149 million, and 17 million yuan, respectively, with year-on-year growth of 0.64%, 6.92%, and 27.82% [1]. - The company faces increased pressure on profitability due to high return rates and depreciation impacts, leading to a decrease in gross margin to 22.79% for the year [1]. - Despite external pressures, the company is focused on long-term development, exploring new product development, increasing the proportion of shelf-stable products, and expanding production capacity to lay a foundation for future growth [1]. Financial Summary - The company reported total revenue of 6.759 billion yuan for 2023, a year-on-year increase of 1.08%, while the net profit attributable to the parent company was 574 million yuan, a decrease of 10.29% year-on-year [1][51]. - For Q4, the company achieved revenue of 1.692 billion yuan, with a net profit of 115 million yuan, reflecting a year-on-year decline of 23.50% [1][51]. - The company’s EPS for 2023 was 0.36 yuan, with forecasts adjusted to 0.38, 0.42, and 0.51 yuan for 2024, 2025, and 2026, respectively [1][42].