年报点评报告：深耕健康零食，业绩三年倍增

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [9][10]. Core Views - The company has achieved significant growth, with a 2023 revenue of 2.065 billion yuan, representing a year-on-year increase of 41.26%. The net profit attributable to shareholders reached 209.58 million yuan, up 68.17% year-on-year [9][10]. - The company focuses on high-quality protein health snacks, particularly fish and poultry products, and has successfully implemented a multi-channel development strategy that has led to brand upgrades and substantial revenue growth over three years [9][10]. - The company is expected to maintain high growth in 2024, continuing to focus on developing major products and enhancing its core competitiveness across various aspects such as product quality, channels, and branding [9][10]. Financial Forecasts - The forecasted financial metrics for the company are as follows: - Revenue (million yuan): 2023A: 2,065.21, 2024E: 2,684.77, 2025E: 3,436.50, 2026E: 4,329.99 - Revenue Growth Rate (%): 2023A: 41.26, 2024E: 30.00, 2025E: 28.00, 2026E: 26.00 - Net Profit (million yuan): 2023A: 209.58, 2024E: 266.10, 2025E: 341.12, 2026E: 401.96 - Net Profit Growth Rate (%): 2023A: 68.17, 2024E: 26.97, 2025E: 28.20, 2026E: 17.83 - Earnings Per Share (EPS, yuan): 2023A: 0.46, 2024E: 0.59, 2025E: 0.76, 2026E: 0.89 - Price-to-Earnings Ratio (P/E): 2023E: 25.61, 2024E: 24.07, 2025E: 18.78, 2026E: 15.94 [3][10][11].