业绩符合预期，新品开拓加速

Investment Rating - The report maintains a "Buy" rating for the company [1][7][17] Core Insights - The company achieved a revenue of 4.87 billion RMB in 2023, reflecting a year-on-year growth of 5.2%, with a gross profit of 2.32 billion RMB, up 18.5% year-on-year, and a net profit of 880 million RMB, showing a significant increase of 481.9% year-on-year [9][12] - The company plans to distribute a total dividend of approximately 90% of its net profit for 2023, which includes a regular dividend of 0.10 RMB per share and a special dividend of 0.11 RMB per share [9][12] - The company is focusing on brand building, new product launches, and channel diversification to strengthen its competitive position [7][9] Financial Summary - Revenue growth is projected to continue, with expected revenues of 5.61 billion RMB in 2024 and 6.37 billion RMB in 2025, representing growth rates of 15.1% and 13.6% respectively [5][17] - The company’s net profit is expected to reach 1.01 billion RMB in 2024 and 1.19 billion RMB in 2025, with corresponding growth rates of 14.8% and 18.2% [5][17] - The price-to-earnings (PE) ratio is projected to decrease from 13.96 in 2023 to 10.29 in 2025, indicating improved valuation [5][17] Product and Channel Performance - The company’s revenue from vegetable products grew by 25.1% in 2023, driven by new product launches and increased production capacity [12][14] - Revenue from seasoning noodle products declined by 6.2% due to structural adjustments and a decrease in traditional channel traffic, but is expected to improve in 2024 [12][14] - The company is expanding its online and offline marketing efforts, with a focus on new media and content e-commerce, which is anticipated to drive growth in 2024 [12][16] Market Position and Strategy - The company is enhancing its brand influence and organizational capabilities through increased investment in sales and management [13][16] - The revenue structure is becoming more balanced, with the share of seasoning noodle products decreasing from 58.7% in 2022 to 52.3% in 2023, while vegetable products increased from 36.6% to 43.5% [15][16] - The company is actively responding to consumer demand by launching new products and customizing specifications for different channels, which helps mitigate the impact of channel structure changes on gross margins [16]