2023年报与2024年一季度预告点评：高景气延续，品类渠道演绎逻辑有望见长

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 87 CNY based on a 25x PE valuation for 2024 [3][4][24]. Core Insights - The company reported strong financial performance in 2023, achieving revenue of 4.115 billion CNY, a year-on-year increase of 42.22%, and a net profit attributable to the parent company of 506 million CNY, up 67.76% year-on-year [2]. - The company expects continued growth in Q1 2024, forecasting a net profit of 150-170 million CNY, representing a year-on-year increase of 34.48%-52.41% [2]. - The dual-driven strategy of product and channel is sustaining high revenue growth, with significant contributions from various product categories and channels [2]. Financial Performance Summary - In 2023, the company achieved revenue of 4.115 billion CNY, with a year-on-year growth of 42.22% [6]. - The net profit attributable to the parent company was 506 million CNY, reflecting a year-on-year increase of 67.76% [6]. - The company’s gross margin was 33.54%, with a slight decline of 1.18 percentage points year-on-year [2]. - The net profit margin improved to 12.29%, an increase of 1.87 percentage points year-on-year [2]. Product and Channel Analysis - Revenue from various product categories in 2023 included: spicy snacks (1.482 billion CNY, +56.71%), baked snacks (627 million CNY, +12.75%), and deep-sea snacks (619 million CNY, +10.65%) [2]. - The company’s revenue from direct sales channels decreased by 10.03%, while revenue from distribution and e-commerce channels increased by 40.35% and 98.04%, respectively [2]. - The company is actively leveraging the growth potential in snack bulk sales and e-commerce platforms [2]. Future Outlook - The company aims to enhance its market share by focusing on its "category brand" strategy and exploring new growth categories [2]. - The report indicates that the current market concerns regarding channel growth may not fully reflect the company's potential for single product growth [2].