2024开年亮眼，Q1业绩预告超预期

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock performance that will exceed the benchmark index by over 20% [6][22]. Core Insights - The company reported a significant increase in revenue and net profit for 2023, with total revenue reaching 4.115 billion yuan, a year-on-year growth of 42.22%, and net profit attributable to shareholders at 505.77 million yuan, up 67.76% [2][22]. - The Q1 2024 earnings forecast is also promising, with expected net profit growth of 34.48% to 52.41% year-on-year [2]. - The company is expanding its market presence through various channels, including direct sales, distribution, and e-commerce, with notable revenue contributions from the snack segment [3][8]. Financial Performance - The company achieved a gross margin of 33.54% and a net margin of 12.29% in 2023, reflecting improvements in profitability [4]. - The projected revenue for 2024 is 5.293 billion yuan, with a growth rate of 28.62%, and net profit is expected to reach 686.54 million yuan, a 35.74% increase [22][31]. - The company has a debt-to-asset ratio of 49.1%, indicating a moderate level of leverage [5]. Market Position and Strategy - The company is focusing on multi-category and multi-brand strategies, aiming to enhance brand recognition and market share [4][21]. - The core product categories are expected to continue expanding, with plans to introduce new product lines every 1-2 years [4][21]. - The company is leveraging its supply chain and cost management strategies to maintain competitive pricing and profitability [21].