四季度利润大幅增长，完成三年倍增目标

Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Views - The company achieved a revenue of 2.065 billion yuan in 2023, representing a year-over-year growth of 41.26%, and a net profit of 210 million yuan, up 68.17% year-over-year, successfully completing its three-year doubling target [4][10] - The company focuses on developing key products, particularly the "20 billion-level" product, Jin Zai deep-sea fish, and aims to enhance its market competitiveness through supply chain improvements [15] Financial Performance Summary - In 2023, the company reported a gross profit margin of 28.2%, an increase of 2.54 percentage points year-over-year, leading to a gross profit growth of 55.27% [4] - The company’s revenue from fish products reached 1.291 billion yuan, growing by 25.87% year-over-year, while quail egg products saw a remarkable increase of 147.56%, with sales exceeding 300 million yuan [6][9] - The company’s total revenue is projected to reach 2.632 billion yuan in 2024, with net profits expected to be 290 million yuan, corresponding to an EPS of 0.64 yuan [10][18] Product and Channel Development - The company has established a balanced growth across offline and online channels, with offline revenue reaching 1.649 billion yuan, up 43% year-over-year, and online revenue at 416 million yuan, up 34.76% [9] - The company is committed to enhancing its supply chain capabilities, particularly for fish products, and aims to innovate and brand its poultry and bean products [15] Valuation and Market Position - The report suggests a reasonable valuation range of 12.80 to 16.00 yuan per share based on a PE ratio of 20-25 times for 2024, reflecting the company's strong performance [10] - The average PE ratio of comparable companies is noted to be 21.09 times for 2024 [11]