Q1延续高增，产品渠道势能强劲

Investment Rating - The report assigns a "Buy-A" investment rating to the company, with a target price of 97.78 yuan over the next six months, reflecting a dynamic price-to-earnings ratio of 28X for 2024 [17][19]. Core Insights - The company achieved a revenue of 4.1152 billion yuan in 2023, representing a year-on-year growth of 42.22%, and a net profit of 505.8 million yuan, up 67.76% year-on-year [2][4]. - The strategic focus has shifted to "channel supremacy, product leadership, and system protection," aiming for comprehensive channel coverage and product diversification [3][5]. - The company is expected to maintain strong growth momentum, with projected revenue growth rates of 28.1%, 22.6%, and 21.2% for 2024 to 2026, and net profit growth rates of 35.5%, 26.5%, and 24.4% respectively [17][19]. Financial Performance - In 2023, the company reported a net profit margin of 12.47%, an increase of 2.04 percentage points year-on-year, with a gross margin of 33.54% [4][6]. - The company’s revenue from e-commerce channels surged by 98.04% year-on-year, indicating a strong performance in online sales [3][5]. - The company’s total revenue is projected to reach 5.271 billion yuan in 2024, with a net profit forecast of 685.1 million yuan [6][8]. Market Position and Strategy - The company has expanded its distribution channels significantly, increasing the number of distributors by 832 to a total of 3,315, which has enhanced its market reach [3][4]. - The focus on developing key products such as quail eggs and konjac snacks has positioned the company for differentiated competition in the market [3][5]. - The report highlights the importance of supply chain optimization and lean production in enhancing profit margins and maintaining pricing power [5][6].