海外增速领先，期待成本改善

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported a revenue of 13.58 billion yuan in 2023, a year-on-year increase of 5.7%, while the net profit attributable to shareholders was 1.27 billion yuan, a decrease of 3.9% [2] - The company plans to distribute a cash dividend of 5 yuan per 10 shares (tax included) [2] - The main business shows steady growth, with overseas revenue growth leading at 22% year-on-year, while domestic revenue decreased by 1.2% [2] - The company is the largest supplier of YE globally and the second-largest yeast supplier, with a total yeast production capacity of 370,000 tons [2] Financial Performance Summary - Revenue by category: Yeast and deep processing products generated 9.5 billion yuan (+5.4%), while sugar products generated 1.7 billion yuan (-3.2%) [2] - The company achieved a gross margin of 24.2%, a decrease of 0.6 percentage points year-on-year [2] - The net profit margin for the year was 9.7%, down 0.8 percentage points from the previous year [2] - The company expects net profits for 2024-2026 to be 1.35 billion yuan, 1.55 billion yuan, and 1.81 billion yuan respectively, with corresponding EPS of 1.55 yuan, 1.78 yuan, and 2.09 yuan [3][4] Capacity and Cost Management - The company is actively improving its self-produced hydrolyzed sugar process, which is expected to reduce costs effectively [2] - The company has successfully launched three production lines for hydrolyzed sugar, which will help lower single sugar costs [2] - The company is expanding its production capacity overseas, particularly in Egypt and Russia, which will enhance its cost advantages [2] Future Projections - Revenue is projected to grow to 15.67 billion yuan in 2024, with a growth rate of 15.39% [4] - The company anticipates a gradual improvement in gross margins, reaching 25.8% by 2024 [4] - The expected dynamic PE ratios for 2024, 2025, and 2026 are 19 times, 17 times, and 14 times respectively [3][4]