Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [2][8]. Core Insights - The company achieved a revenue of 6.148 billion yuan in 2023, a slight increase of 0.01% year-on-year, and a net profit attributable to shareholders of 853 million yuan, reflecting a growth of 14.92% year-on-year [2]. - The second half of 2023 showed improved performance with revenue of 3.531 billion yuan, up 2.11% year-on-year, and a net profit of 495 million yuan, up 3.34% year-on-year, aligning with expectations [2]. - The company is focusing on expanding its product matrix and diversifying its channels to drive revenue growth, particularly by enhancing its small B business and exploring overseas and e-commerce sales [2]. Financial Performance Summary - Revenue and Profitability: - 2023 revenue: 6.148 billion yuan, 2024E: 6.879 billion yuan, 2025E: 7.590 billion yuan, 2026E: 8.375 billion yuan [6]. - Net profit for 2023: 853 million yuan, with projections of 959 million yuan in 2024E, 1.073 billion yuan in 2025E, and 1.190 billion yuan in 2026E [6]. - Profit Margins: - Gross margin for 2023 was 31.6%, an increase of 1.4 percentage points year-on-year, while net margin was 13.9%, up 1.8 percentage points year-on-year [2]. - Earnings Per Share (EPS): - Diluted EPS for 2023 was 0.875 yuan, with forecasts of 0.974 yuan in 2024E, 1.089 yuan in 2025E, and 1.208 yuan in 2026E [6]. Market and Operational Analysis - The company has seen a shift in revenue sources, with related party sales increasing significantly while third-party sales have shown marginal improvement [2]. - The product categories of hot pot base and Chinese compound products have been adjusted successfully, while instant food sales have faced challenges due to changing consumer preferences [2]. - The company is expected to continue optimizing its cost structure and improving profitability through reduced advertising expenses and increased employee compensation [2].
成本优化释放利润，期待内部调整成效