养殖端挖潜增效，食品端整合优化

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company achieved a revenue of 18.49 billion yuan in 2023, representing a year-on-year increase of 9.9%, and a net profit of 660 million yuan, up 61.7% year-on-year [6][9] - The poultry farming and processing scale is expected to increase, with improved profitability in the meat segment due to declining feed costs [9] - The food segment is anticipated to maintain rapid growth, benefiting from ongoing consumer recovery and enhanced product capabilities [9] Summary by Sections Financial Performance - In 2023, the company reported a revenue of 18.49 billion yuan, with a net profit of 660 million yuan and an EPS of 0.54 yuan [6][8] - The fourth quarter of 2023 saw a revenue of 4.56 billion yuan, with a year-on-year increase of 2.14% [6] - The company plans to distribute a cash dividend of 3.0 yuan per 10 shares [6] Poultry Business - The company sold 1.223 million tons of chicken meat in 2023, a 7.1% increase year-on-year, generating a revenue of 13.54 billion yuan [6] - The average selling price for chicken was 11,074 yuan per ton, remaining stable compared to the previous year [6] - The company has increased its breeding capacity by acquiring an additional 120 million birds, bringing total capacity to 700 million birds [6][7] Food Segment - The company sold 330,000 tons of meat products in 2023, a 26.9% increase year-on-year, with a revenue of 7.97 billion yuan [6] - The average selling price for meat products was 24,166 yuan per ton, down 5.4% year-on-year [6] - The company is optimizing its distribution channels and enhancing brand marketing efforts, which are expected to drive growth in both B2B and B2C segments [6] Future Outlook - The company forecasts revenue growth of 17.7% in 2024, with EPS projected at 0.94 yuan [8][9] - The gross margin is expected to improve from 10.6% in 2023 to 11.7% in 2024 [8] - The company aims to achieve a market share of 40% in domestic breeding [7]