4Q23收入增33%，增长维持韧性

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1]. Core Views - The company has shown resilience in revenue growth, with a 33% increase expected in Q4 2023 [2]. - In 2023, the main business revenue reached 4.86 billion yuan, a year-on-year increase of 19.3%, with a gross margin of 35.3%, up by 0.16 percentage points [3]. - The company is expected to benefit from strong brand power and product innovation, driving growth in both food manufacturing and restaurant sectors [11]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 4.9 billion yuan, a 19.1% increase year-on-year, with a net profit of 550 million yuan, up 5.2% [6]. - The revenue from the restaurant business grew significantly by 65.7% to 1.26 billion yuan, accounting for 25.8% of total revenue [10]. - The company plans to expand its restaurant business and enhance product offerings, focusing on key markets [27]. Revenue Breakdown - The revenue from mooncake products was 1.67 billion yuan, a 9.9% increase, while the production volume rose by 11.6% [24]. - Frozen food revenue was 1.06 billion yuan, a slight increase of 0.3%, with production volume up by 8.0% [41]. Future Projections - Revenue is projected to reach 5.58 billion yuan in 2024, with a year-on-year growth of 13.9%, and net profit is expected to be 653 million yuan, up 18.7% [28]. - The company aims to maintain a gross margin of around 35.5% to 36.0% over the next few years [33]. Valuation - The company is valued using a PE ratio of 16-20 for 2024, resulting in a reasonable share price range of 18.4 to 23.0 yuan [28].