稳健经营，等待拐点

Investment Rating - The report assigns a "Buy" rating for the company [1] Core Views - The company is a leading supplier of yeast and related products, being the largest in Asia and the second largest globally, with a total production capacity of 370,000 tons [4] - The company aims for a revenue target of 156.69 billion yuan in 2024, representing a year-on-year growth of 15.37% [5] - The report highlights a need for recovery in domestic demand and the ramp-up of new overseas production capacity to drive growth [5] Financial Performance - In 2023, the company achieved a revenue of 135.81 billion yuan, a year-on-year increase of 5.74%, but the net profit attributable to shareholders decreased by 3.86% to 12.70 billion yuan [4] - The fourth quarter revenue was 39.28 billion yuan, showing a growth of 1.76%, while net profit fell by 15.48% to 3.58 billion yuan [4] - The gross margin and net margin for the year were 24.19% and 9.66%, respectively, both showing a decline compared to the previous year [4] Revenue and Profit Forecast - The company forecasts revenues of 152.43 billion yuan for 2024, 171.15 billion yuan for 2025, and 191.47 billion yuan for 2026, with respective growth rates of 12.24%, 12.28%, and 11.87% [3][7] - The net profit attributable to shareholders is expected to reach 13.74 billion yuan in 2024, with a growth of 8.16% [7] Valuation Metrics - The current stock price corresponds to a P/E ratio of 19.02 for 2022, projected to decrease to 13.22 by 2026 [3][7] - The report suggests a target price range of 31.61 to 39.51 yuan based on a valuation of 20-25 times earnings for 2024 [7]