2023年报点评：增长动能充足，盈利能力持续向好

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 17.92 yuan, corresponding to a 28 times PE for 2024 [3][10][20]. Core Insights - The company achieved a revenue of 2.07 billion yuan in 2023, representing a year-on-year growth of 41.3%, and a net profit attributable to shareholders of 210 million yuan, up 68.2% [1][2]. - The company is experiencing significant growth in its product categories, particularly in quail eggs, which have become a potential billion-level product with sales exceeding 300 million yuan [21][28]. - The company is focusing on expanding its distribution channels, with over 50% of its products sold in large packaging and bulk formats, enhancing its presence in high-potential offline channels [21][22]. Financial Performance - The overall gross margin for 2023 was 28.2%, an increase of 2.5 percentage points year-on-year, driven by lower raw material costs and economies of scale [2]. - The net profit margin improved to 10.3%, up 1.9 percentage points year-on-year [2]. - The company forecasts net profits of 290 million yuan, 370 million yuan, and 450 million yuan for 2024, 2025, and 2026, respectively, with corresponding EPS of 0.64 yuan, 0.82 yuan, and 1.00 yuan [3][4]. Revenue Breakdown - Revenue from fish products reached 1.29 billion yuan, growing by 25.9%, while revenue from poultry products surged by 148% to 450 million yuan [21]. - The company is also seeing strong growth in its bean products and vegetable products, with respective revenue increases of 18.7% and 88.2% [21][28]. Future Growth Projections - The company expects fish product sales to grow at rates of 22%, 18%, and 15% from 2024 to 2026, with gross margins projected to rise to 32.2%, 32.9%, and 33.5% [7][28]. - Poultry products, particularly quail eggs, are anticipated to see significant growth, with sales growth rates of 60%, 45%, and 30% over the same period [28]. Shareholder Confidence - The controlling shareholder has committed not to sell shares for 12 months post-IPO, indicating confidence in the company's future [22]. - The company has announced a share buyback plan of 20 to 40 million yuan to support employee incentive programs [22].