Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [8]. Core Insights - The company achieved a revenue of 4.87 billion yuan in 2023, representing a year-on-year growth of 5.2%. The net profit attributable to shareholders reached 880 million yuan, a significant increase of 481.9% year-on-year [2][6]. - The company is focusing on product diversification and channel expansion, with notable growth in vegetable products, which saw a revenue increase of 25.1% year-on-year [2]. - The gross margin improved to 47.7% in 2023, up by 5.4 percentage points year-on-year, driven by changes in product mix and a decrease in core raw material prices [2][6]. - The company announced a special dividend of 0.11 yuan per share, raising the dividend payout ratio to 90%, with a dividend yield exceeding 6% [2]. - The company plans to continue embracing new channels such as content e-commerce and snack wholesale, with new product launches expected to drive growth in 2024 [2]. Financial Performance Summary - Revenue for 2023 was 4.87 billion yuan, with a growth rate of 5.2% compared to 2022 [6]. - The net profit attributable to shareholders for 2023 was 880 million yuan, reflecting a growth rate of 481.9% year-on-year [6]. - The diluted earnings per share for 2023 was 0.37 yuan, with an expected increase to 0.44 yuan in 2024 [6]. - The company’s return on equity (ROE) improved to 15.43% in 2023, up from 2.74% in 2022 [6][7]. - The price-to-earnings (P/E) ratio for 2023 was 17.53, with projections of 12.23 for 2024 and 10.63 for 2025 [6][7].
关注新渠道变化，全品类有望恢复增长