2023年年报点评：23Q4业绩加速增长，员工持股彰显信心

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 12.78 CNY [18]. Core Insights - The company has shown significant improvement in gross and net profit margins due to a decrease in raw material costs and an increase in the proportion of high-margin products [1]. - The introduction of an employee stock ownership plan is expected to enhance team motivation and contribute to long-term development [2]. - The company is focusing on expanding its product matrix and enhancing its small B-end business, which is anticipated to drive growth in the next 3-5 years [13]. Financial Performance Summary - In 2023, the company achieved a revenue of 3.15 billion CNY, a year-on-year increase of 17%, and a net profit of 457 million CNY, up 33.7% [19]. - The gross margin for 2023 was 37.88%, with a net profit margin of 14.78% for the fourth quarter [1]. - The company’s revenue growth rate is projected to be 15.23% in 2024 and 14.32% in 2025, with net profit growth rates of 23.22% and 21.01% respectively [16]. Product and Channel Performance - The company’s product categories, including hot pot seasonings and sausage seasonings, have shown strong revenue growth, particularly in the sausage seasoning segment, which increased by 47.73% [20]. - Online sales channels have rapidly increased, with e-commerce revenue growing by 92.99% in 2023 [20]. Future Outlook - The company has set ambitious revenue growth targets for the employee stock ownership plan, aiming for a minimum of 10% growth in 2024 and 26.5% in 2025 [2]. - The introduction of new products, such as the "fresh tomato" soup base, is expected to enhance market competitiveness and customer response [13].