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Investment Rating - The report maintains a "Buy" rating for the company, with a target price set for the next six months [3][14]. Core Views - The company is expected to achieve steady growth in 2024, guided by its strategy of "stabilizing existing products, strengthening foundations, and seeking growth," with a revenue growth target of 12% [3]. - The company has seen a decline in revenue and net profit in 2023, with revenues of 2.45 billion and a net profit of 826.58 million, representing year-on-year decreases of 3.86% and 8.04% respectively [1][3]. Financial Performance - In 2023, the company's revenue and net profit were 2.45 billion and 826.58 million respectively, with a decline in revenue growth rate of 3.86% and net profit growth rate of 8.04% [1][3]. - The company’s gross margin and net margin decreased to 50.72% and 33.74% respectively in 2023, primarily due to rising raw material costs [11]. - The company’s revenue projections for 2024-2026 are 2.74 billion, 3.06 billion, and 3.38 billion respectively, with expected growth rates of 12%, 11%, and 11% [3][13]. Market Expansion and Product Development - The company has successfully increased its dealer network, adding 112 dealers in 2023, bringing the total to 3,239 [2]. - The company is actively expanding its market presence in the catering sector, with a significant increase in the sales of its seasoning products, which exceeded 80 million, marking a growth of over 30% [2]. - The company’s main products, including pickled vegetables, have shown stable revenue growth, with pickled mustard greens generating 2.08 billion in revenue in 2023 [10]. Cost Management - The company has maintained stable expense ratios, with sales, management, and financial expense ratios showing slight changes in 2023 [11]. - The sales expense ratio increased due to a low base in the previous year, while management and financial expense ratios remained relatively stable [11].