2023年报点评：大单品矩阵完善，新渠道快速成长

Investment Rating - The report maintains a "Buy" rating for the company [8]. Core Insights - The company reported a revenue of 2.065 billion yuan in 2023, representing a year-on-year increase of 41.26%, and a net profit attributable to shareholders of 210 million yuan, up 68.12% year-on-year [1][18]. - The product matrix is gradually improving, with significant growth in new channels. Revenue from fish products, poultry products, bean products, and vegetable products reached 1.291 billion, 452 million, 217 million, and 72 million yuan respectively, with year-on-year growth rates of 25.87%, 147.56%, 18.68%, and 88.24% [5][18]. - The company is focusing on its major products, particularly the deep-sea fish and quail eggs, to maintain market share and product quality [10][18]. Financial Performance - In Q4 2023, the company achieved a revenue of 572 million yuan, a year-on-year increase of 26.51%, and a net profit of 76 million yuan, up 122.76% year-on-year [1]. - The gross margin for 2023 and Q4 2023 was 28.14% and 32.69% respectively, showing an increase of 2.49 and 7.91 percentage points year-on-year [10]. - The company expects revenues of 2.685 billion, 3.392 billion, and 4.141 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 276 million, 364 million, and 473 million yuan [18][19]. Market Position - The company has established a "20 billion-level" major product, the deep-sea fish, and a "1 billion-level" product, the konjac, among others [5]. - Online and offline revenues were 1.649 billion and 416 million yuan respectively, with year-on-year growth of 43.00% and 34.76%, and new media channels saw a remarkable growth of 142.60% [5][10]. Future Outlook - The company is expected to continue its growth trajectory with a focus on major products and innovative branding strategies for quail eggs [10][18]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.61, 0.81, and 1.05 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 23.23, 17.60, and 13.54 [18][19].