2023年报点评：战略调整，渠道精耕

Investment Rating - The report maintains a "Buy" rating for the company, expecting significant stock price appreciation over the next six months [5]. Core Insights - The company reported a total revenue of 4.049 billion yuan for 2023, a year-on-year decrease of 16.16%, and a net profit attributable to shareholders of 63.44 million yuan, down 53.90% year-on-year [1]. - In Q4 2023, the company achieved a total revenue of 974 million yuan, a decline of 2.65% year-on-year, but the net profit turned positive at 30 million yuan, compared to a loss of 6 million yuan in Q4 2022 [1]. - The cheese market in China is still in its early growth stage, with the company holding the leading market shares of 36.8% for cheese and 42.8% for cheese sticks in 2023, both showing slight increases from 2022 [1]. Financial Performance Summary - The company's gross margin for 2023 was 29.24%, down 4.91 percentage points year-on-year, while the net margin was 1.97%, down 1.62 percentage points [1]. - The company’s revenue from cheese, liquid milk, and trade for 2023 decreased by 19%, 4%, and 5% year-on-year, respectively, while the revenue from ambient cheese sticks and industrial cheese for the catering sector increased [1]. - The company’s net profit for 2024 is projected to be 125.15 million yuan, representing a growth rate of 97.28% compared to 2023 [7]. Market and Strategic Insights - The company is actively optimizing its distribution channels, reducing the number of distributors to 5,036 by the end of 2023, while expanding its presence in e-commerce and instant retail platforms [1]. - The report highlights the company's strong product development capabilities, with new product launches in 2023 including organic cheese and mousse cheese cups [1]. - The company’s operating cash flow improved significantly in 2023, reaching 279.15 million yuan, compared to a negative cash flow in 2022 [7].