公司信息更新报告：产品创新，渠道扩容，成长势能充沛

Investment Rating - The report maintains an "Outperform" rating for the company, indicating a positive outlook for its stock performance relative to the market [5][27]. Core Insights - The company achieved a revenue of 2.07 billion yuan in 2023, representing a year-on-year growth of 41.3%, and a net profit of 210 million yuan, which is a 68.2% increase year-on-year [27]. - The company is experiencing strong growth momentum, with significant contributions from various product categories, particularly flavored fish and poultry products [20][27]. - The gross margin improved to 32.6% in Q4 2023, up 7.9 percentage points year-on-year, driven by scale effects and enhanced supply chain management [28]. Financial Performance Summary - Revenue (in million yuan): - 2022: 1,462 - 2023: 2,065 - 2024E: 2,645 - 2025E: 3,297 - 2026E: 3,995 - Year-on-Year Growth: 31.6% (2022), 41.3% (2023), 28.1% (2024E) [6] - Net Profit (in million yuan): - 2022: 125 - 2023: 210 - 2024E: 273 - 2025E: 339 - 2026E: 423 - Year-on-Year Growth: 46.7% (2022), 68.2% (2023), 30.4% (2024E) [6] - Key Ratios: - Gross Margin: 25.6% (2022), 28.2% (2023), 29.3% (2024E) [6] - Net Margin: 8.3% (2022), 10.3% (2023), 10.3% (2024E) [6] - Return on Equity (ROE): 12.4% (2022), 16.2% (2023), 17.2% (2024E) [6] Product and Channel Development - The company is focusing on product innovation and channel expansion, with a notable increase in the number of distributors to 3,057, a net increase of 790 [20]. - Online sales channels, particularly through platforms like Douyin, have seen a year-on-year growth of 142.6%, while traditional e-commerce platforms like Tmall and JD.com continue to perform well [20].