23年报点评：23年完美收官，未来增势强劲

Investment Rating - The report maintains a "Buy" rating for the company with a target price not specified [10]. Core Insights - The company achieved a revenue of 2.065 billion yuan in 2023, representing a year-over-year increase of 41.26%, and a net profit attributable to shareholders of 210 million yuan, up 68.17% year-over-year [1]. - The company plans to distribute a cash dividend of 3 yuan per 10 shares [1]. - The core product strategy focuses on "big single products," with significant revenue contributions from fish products (1.291 billion yuan, +25.87% YoY) and quail eggs (over 300 million yuan) [2]. - The company is expanding its offline channels and leveraging online platforms like Douyin to enhance brand visibility and sales [8]. Financial Performance Summary - In Q4 2023, the company reported a revenue of 572 million yuan, a year-over-year increase of 26.51%, and a net profit of 76 million yuan, up 122.61% year-over-year [1]. - The company’s online revenue reached 416 million yuan, growing 34.76% YoY, while offline revenue was 1.649 billion yuan, up 43% YoY [8]. - The projected revenue for 2024-2026 is expected to be 2.719 billion yuan, 3.450 billion yuan, and 4.260 billion yuan, respectively, with year-over-year growth rates of 32%, 27%, and 23% [9]. Product and Channel Strategy - The company is implementing a dual strategy of "big packaging + bulk sales" to penetrate high-potential offline channels and is developing specialized distributors for bulk products [2]. - The second growth curve is focused on quail eggs, with plans for product innovation and brand development to achieve a second "billion-level single product" target [2]. - The company has seen rapid growth in emerging channels, particularly in volume discount stores, with over 150% YoY growth [8].