公司事件点评报告：规模效应释放，单品势能充足

Investment Rating - The report maintains a "Buy" investment rating for the company [2][7][19]. Core Views - The company has achieved significant revenue growth, with total operating income reaching 2.065 billion yuan in 2023, a year-on-year increase of 41%. The net profit attributable to shareholders was 210 million yuan, up 68% year-on-year [2][5]. - The company successfully completed its "three-year doubling" phase goal, driven by continuous development and optimization of distributors, terminal market construction, and new product promotions [2][5]. - The report highlights the strong performance of quail eggs, which have become the company's second-largest product, with sales revenue exceeding 300 million yuan [2][5][7]. Summary by Sections Financial Performance - In 2023, the company's gross profit margin was 28.17%, and the net profit margin was 10.27%, both showing improvements of 3 percentage points and 2 percentage points year-on-year, respectively [2][5]. - The company reported a gross profit margin of 32.61% and a net profit margin of 13.46% in Q4 2023, reflecting significant improvements due to scale effects and cost optimization [2][5]. - The company’s sales expense ratio and management expense ratio were 10.76% and 4.04%, respectively, indicating stable expense efficiency despite revenue growth [2][5]. Revenue Breakdown - Revenue from fish products, poultry products, soybean products, vegetable products, and others in 2023 was 1.291 billion, 452 million, 217 million, 72 million, and 26 million yuan, respectively, with poultry products seeing a remarkable 233% increase in sales volume [2][5]. - Online and offline channel revenues were 416 million and 1.649 billion yuan, respectively, with year-on-year growth of 35% and 43% [2][5]. Profit Forecast - The forecast for the company's main revenue is projected to be 2.638 billion yuan in 2024, with a growth rate of 27.7%, and net profit attributable to shareholders is expected to reach 317 million yuan, a growth rate of 51.3% [5][7]. - The report anticipates EPS of 0.70 yuan for 2024, with corresponding P/E ratios of 20, 16, and 14 for the years 2024, 2025, and 2026, respectively [7].