全年实现高增，Q4利润超预期

Investment Rating - The report maintains a "Buy" rating for the company [7][9]. Core Insights - The company achieved significant growth in 2023, with total revenue reaching 2.065 billion yuan, a year-on-year increase of 41.26%, and net profit attributable to shareholders reaching 210 million yuan, up 68.17% [7][9]. - The company has successfully expanded its product channels and achieved a "three-year doubling" goal, with notable growth in both direct and distribution channels [7][9]. - The company is expected to continue its high growth trajectory, with projected revenues of 2.711 billion yuan and 3.427 billion yuan for 2024 and 2025, respectively, representing year-on-year growth rates of 31.27% and 26.42% [9][27]. Summary by Sections Company Overview - The company, Jin Zai Food, operates in the food and beverage sector, with a total market capitalization of 6.5 billion yuan and a circulating market capitalization of 4.4 billion yuan [6][21]. Financial Performance - In 2023, the company reported a gross margin of 28.17% and a net profit margin of 10.15%, both showing improvements from the previous year [7][9]. - The company’s revenue from various product categories showed diverse growth, with fish products increasing by 25.87% and poultry products by 147.56% [7][9]. Future Projections - The company anticipates continued growth, with earnings per share (EPS) projected to reach 0.64 yuan in 2024 and 0.84 yuan in 2025, corresponding to price-to-earnings (P/E) ratios of 22.60 and 17.16, respectively [9][27]. - The report highlights the potential for the company to cultivate a second billion-level product within 1-2 years through strategic channel investments and product enhancements [8][9].