Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's 2023 annual revenue was CNY 6.15 billion, flat year-on-year, with a net profit of CNY 0.85 billion, representing a year-on-year increase of 14.9% [2][3] - The company significantly increased its dividend payout ratio to 85%, with a total dividend amount of CNY 0.77 billion, exceeding market expectations [2] - The company is focusing on product matrix diversification and channel diversification, with a successful start to 2024 [3][4] Financial Performance - Total revenue for 2023 was CNY 6,148 million, with a slight year-on-year increase of 0.01% [2] - The net profit attributable to shareholders for 2023 was CNY 853 million, up 14.9% year-on-year [2] - The company achieved a gross margin of 31.6% for the year, an increase of 1.4 percentage points year-on-year [3] Business Segments - The hot pot seasoning segment generated CNY 2.444 billion in revenue in H2 2023, up 8.7% year-on-year, accounting for 69% of total revenue [3] - The company launched 24 new hot pot seasoning products, 37 new Chinese-style seasonings, and 40 new convenience food products in 2023, exceeding 200 SKUs in total [3] Future Outlook - The company expects double-digit growth in third-party business in the first two months of 2024, outpacing competitors [3] - The company plans to enhance its product matrix by incorporating clean labels and zero additives into its R&D [3] - The company aims to expand its channels, including new B-end clients, online sales, and overseas markets, with a focus on Thailand [3][4] Valuation - The report forecasts net profits for 2024-2026 at CNY 1.0 billion, CNY 1.127 billion, and CNY 1.256 billion, respectively, with year-on-year growth rates of 17.5%, 12.5%, and 11.4% [4] - The current valuation is at historical lows, with P/E ratios of 14x, 12x, and 11x for 2024-2026 [4]
2023年报点评：业绩符合预期，产品矩阵化和渠道多元化并进