2023年年报点评：战略明晰，持续向好

Investment Rating - The report maintains a "Buy" rating for the company [5][4] Core Insights - The company achieved a revenue of 2.065 billion yuan in 2023, representing a year-on-year growth of 41.26%, and a net profit of 210 million yuan, which is a 68.17% increase year-on-year [13] - The company has successfully expanded its channels and performed well with its products, indicating a strong growth trajectory [4][13] - The gross profit margin improved to 28.16% for the year and 32.61% for Q4 2023, driven by a decrease in raw material costs and enhanced scale effects [13] Financial Performance Summary - Revenue for 2023 was 2,065 million yuan, with a growth rate of 41.26% compared to the previous year [14] - The net profit for 2023 was 210 million yuan, reflecting a growth rate of 68.12% [14] - The earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 0.58, 0.73, and 0.89 yuan respectively, with corresponding P/E ratios of 25, 19, and 16 [4][14] Product and Market Strategy - The company has seen significant growth in its major products, with fish products, bean products, poultry products, and vegetable products achieving revenues of 1.291 billion, 217 million, 452 million, and 72 million yuan respectively in 2023 [13] - The strategy of "large packaging + bulk sales" has been successfully implemented, with over 50% of total revenue coming from these formats [13] - The quail egg product line has become a significant contributor, with annual revenue exceeding 300 million yuan, positioning it as the company's second-largest product [13] Cost Management and Profitability - The gross profit margin for Q4 2023 increased by 7.91 percentage points year-on-year, attributed to lower procurement prices for fish products and a favorable pricing environment for quail eggs [13] - The company has managed to reduce sales expenses, leading to an overall improvement in profitability, with a net profit margin of 10.15% for the year [13]