2023年报点评：23年高质收官，高分红+员工激励提振内外信心

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 15% compared to the benchmark in the next six months [4][16]. Core Insights - The company reported a strong performance in 2023, with revenue of 3.15 billion yuan, a year-on-year increase of 17%, and a net profit of 456.7 million yuan, up 33.7% year-on-year [17][18]. - The company has introduced an employee stock ownership plan and has significantly increased its dividend payout ratio to 92.74%, enhancing shareholder confidence [19]. Summary by Sections Financial Performance - In 2023, the company's revenue from hot pot base materials, mid-season products, and winter products grew by 2%, 29%, and 48% year-on-year, respectively. However, Q4 saw a decline in base material revenue by 6% due to weak demand [2]. - The gross margin improved significantly in 2023, with an increase of 3.7 percentage points year-on-year, attributed to reduced promotional efforts and lower raw material costs [3]. - The company adjusted its revenue forecasts for 2024-2026 to 3.63 billion, 4.28 billion, and 5.07 billion yuan, reflecting year-on-year growth of 15%, 18%, and 18% respectively [4]. Sales Channels - The company experienced robust growth in its sales channels, with e-commerce revenue increasing by 93% year-on-year, and the distributor channel growing by 9% [18]. Shareholder Returns - The company plans to raise up to 37.61 million yuan through its employee stock ownership plan, with a target revenue growth of over 15% for 2024 [19]. - In 2023, the total cash dividend amounted to 424 million yuan, with a dividend yield of 3.2% based on the current stock price [19].