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 rating of "Accumulate" for the company [10]. Core Insights - The company achieved a revenue of 2.065 billion yuan in 2023, representing a year-on-year growth of 41.26%, with a net profit attributable to the parent company of 209.58 million yuan, up 68.17% year-on-year [22]. - The company focuses on enhancing its product matrix, particularly in deep-sea fish products and quail eggs, aiming to maintain market share and product quality [9][11]. - The online and offline revenue for the company reached 1.649 billion yuan and 416 million yuan respectively, with a significant growth of 43.00% and 34.76% year-on-year, while new media channels saw an impressive increase of 142.60% [15]. Financial Performance Summary - The company’s projected revenues for 2024-2026 are 2.685 billion yuan, 3.392 billion yuan, and 4.141 billion yuan respectively, with corresponding net profits of 275.69 million yuan, 363.86 million yuan, and 473.01 million yuan [11]. - The EBITDA for 2023 was 303.51 million yuan, with projections of 359.92 million yuan, 471.82 million yuan, and 605.82 million yuan for the years 2024-2026 [5]. - The company’s gross margin for 2023 was 28.14%, with a net margin of 10.15%, both showing improvements compared to the previous year [9]. Product and Channel Performance - The company’s core products include deep-sea fish, quail eggs, tofu, and konjac, with sales growth rates of 25.87%, 147.56%, 18.68%, and 88.24% respectively [15]. - The second-largest core product, quail eggs, achieved annual sales exceeding 300 million yuan [15].