量贩+电商势能强劲，供应链效率持续显现

Investment Rating - The report maintains a "Buy" rating for the company [2][20]. Core Insights - The company announced its 2023 annual report, achieving revenue of 4.115 billion yuan, net profit attributable to shareholders of 506 million yuan, and net profit excluding non-recurring items of 476 million yuan, representing year-on-year growth of 42.22%, 67.76%, and 72.83% respectively. The Q4 2023 results were in line with previous forecasts [3][10]. - For Q1 2024, the company expects a net profit attributable to shareholders of 150-170 million yuan, a year-on-year increase of 34.48%-52.41%, and net profit excluding non-recurring items of 130-150 million yuan, a year-on-year increase of 32.18%-52.51%, indicating better-than-expected performance [3][10]. Summary by Sections Financial Performance - In 2023, the company reported a gross margin of 33.54%, a decrease of 1.18 percentage points year-on-year. The gross margin for Q4 2023 was 31.06%, down 0.18 percentage points year-on-year, attributed to a slowdown in the growth of higher-margin e-commerce channels [12][33]. - The net profit margin for 2023 was 12.29%, an increase of 1.87 percentage points year-on-year. The net profit margin for Q4 2023 was 9.90%, up 0.93 percentage points year-on-year [33]. Revenue Growth Drivers - The significant revenue growth in 2023 was driven by the expansion of the wholesale and e-commerce channels, with e-commerce revenue increasing by 98.04% year-on-year. The company also saw strong performance in key product categories, including spicy snacks and deep-sea snacks, with year-on-year growth rates of 81.60% and 10.65% respectively [10][27]. - The company anticipates continued high growth in 2024, supported by product innovation and channel expansion, with projected revenues of 5.176 billion yuan, 6.488 billion yuan, and 8.116 billion yuan for 2024, 2025, and 2026 respectively, representing year-on-year growth rates of 25.8%, 25.4%, and 25.1% [20][22]. Profitability Outlook - The report indicates that despite pressure on gross margins, the company's profitability is expected to improve due to enhanced operational efficiency and cost management. The forecasted net profit for 2024 is 661 million yuan, with a year-on-year growth of 30.7% [20][22]. - The company is expected to benefit from supply chain efficiencies and the successful integration of its product offerings, which will further enhance its profitability [20][27].