2023顺利收官，拟实施2024员工持股计划

Investment Rating - The report maintains an "Outperform" rating for the company, indicating a positive outlook for its stock performance relative to the market [2]. Core Insights - The company reported a revenue of 3.15 billion yuan for 2023, a year-on-year increase of 17%, and a net profit attributable to shareholders of 460 million yuan, up 33.65% year-on-year. The fourth quarter of 2023 saw a revenue of 915 million yuan, also a 17% increase year-on-year, with a net profit of 136 million yuan, reflecting a 39.9% growth [2][3]. - The company plans to implement an employee stock ownership plan in 2024, aiming to enhance long-term value sharing among employees [8]. - The company has set ambitious targets for 2024, aiming for revenue and net profit growth of no less than 15% and 20%, respectively [2]. Revenue and Profitability Summary - In 2023, the company achieved a gross margin of 37.9%, an increase of 3.66 percentage points year-on-year, attributed to reduced promotional efforts and lower raw material costs [2]. - The breakdown of revenue by product categories for 2023 includes: 1. Hot pot base material: 1.22 billion yuan, a 2% increase year-on-year 2. Chinese-style seasoning: 1.52 billion yuan, a 28.6% increase year-on-year 3. Sausages and cured meats: 296 million yuan, a 47.7% increase year-on-year [2][3]. - The company’s operating profit for 2023 was 534 million yuan, with a net profit margin of 14.5%, up 1.8 percentage points year-on-year [11]. Future Projections - The company forecasts net profits of 560 million yuan, 660 million yuan, and 780 million yuan for 2024, 2025, and 2026, respectively, representing year-on-year growth rates of 22%, 18%, and 18% [2][3]. - The report anticipates continued improvement in profitability for 2024, driven by a decline in costs and enhanced production efficiency [2]. Market Strategy - The company is focusing on optimizing its product matrix and expanding its B-end market presence, particularly through the acquisition of a subsidiary that strengthens its online and small B channel capabilities [7]. - The strategy includes enhancing traditional products and introducing new seasonal items, with a balanced growth approach between C-end and B-end markets expected to emerge [7].