分红率大幅提升，员工持股锚定长远发展

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 15.44 CNY for the next six months, indicating an expected return exceeding 15% compared to the CSI 300 index [8][11]. Core Views - The company has shown a significant increase in revenue and profit margins, with a reported revenue of 3.149 billion CNY in 2023, a year-on-year increase of 17.02%, and a net profit of 456.7 million CNY, up 33.65% year-on-year [7][11]. - The company plans to achieve a revenue growth of no less than 15% in 2024, with a net profit growth target of at least 20% [11]. - The implementation of an employee stock ownership plan aims to bind core employees and promote long-term development [2][23]. Financial Performance - In 2023, the company achieved a gross profit margin of 34.2%, an increase of 3.7 percentage points year-on-year, attributed to lower raw material costs and product upgrades [6][22]. - The company reported a net profit margin of 14.5% in 2023, up 1.8 percentage points year-on-year, with a significant increase in the fourth quarter [6][7]. - The revenue breakdown for 2023 shows that the hot pot base, Chinese dish seasonings, and sausage seasonings contributed significantly to the overall revenue, with respective year-on-year growth rates of 2.0%, 28.6%, and 47.7% [5][6]. Revenue and Profit Forecast - The company forecasts revenues of 3.631 billion CNY, 4.249 billion CNY, and 4.966 billion CNY for 2024, 2025, and 2026, respectively, with corresponding net profits of 5.5 billion CNY, 6.5 billion CNY, and 7.6 billion CNY [11][12]. - The projected earnings per share (EPS) for 2024 is 0.51 CNY, with a price-to-earnings (P/E) ratio of 24.1 [12][29]. Market Position and Strategy - The company is focusing on expanding its product offerings in the hot pot segment and enhancing its market presence in the Chinese seasoning market, leveraging its recent product upgrades and pricing adjustments [5][11]. - The company has seen a strong recovery in customized meal seasonings, with a revenue increase of 61.6% year-on-year in Q4 2023 [5][6].