顺利完成三年倍增目标，四季度净利率表现亮眼

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 17.64, based on a projected PE of 28 times the expected earnings for 2024 [1][12]. Core Insights - The company successfully achieved its "three-year doubling" target, with 2023 revenue reaching 2.065 billion, a year-on-year increase of 41.26%, and a net profit of 210 million, up 68.17% year-on-year [2][4]. - The fourth quarter showed significant growth, with revenue of 572 million, a 26.51% increase year-on-year, and a net profit of 76 million, up 122.61% year-on-year [2][4]. - The company focuses on its core business of deep-sea fish, with revenue growth of 25.9%, and the quail egg segment has rapidly grown, surpassing 300 million in revenue for 2023 [2][4]. - The company has expanded its distribution channels, adding 790 new distributors, bringing the total to 3,057, and online sales reached 416 million, a 34.78% increase year-on-year [2][4]. Financial Summary - For 2023, the company reported a gross margin of 28.17%, an increase of 2.55 percentage points year-on-year, with the fourth quarter gross margin reaching 32.61%, up 7.91 percentage points year-on-year [2][4]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.63, 0.81, and 1.01 respectively, with corresponding PE ratios of 22.48, 17.53, and 13.99 [5][12]. - The company expects revenue growth rates of 27.94%, 25.41%, and 22.72% for the years 2024, 2025, and 2026 respectively [5][12].