大客户战略成效凸显，自有品牌发展提速

Investment Rating - The report maintains a "Buy" rating for the company with a target price set at 7.42 yuan [6][19]. Core Insights - The company has demonstrated significant growth in its major customer procurement, with the top customer purchasing amounting to 923 million, a year-on-year increase of 2.8%, while the second customer saw a decrease of 35.1% [2]. - The company's online channel operations have matured, with sales on the Douyin platform increasing over tenfold in 2023, contributing to a gross margin of 31.2%, up 2.0 percentage points year-on-year [3]. - The company has made strides in developing its own brand, with a clear path for its "Boutique National Goods" strategy, and is expected to see strong growth in Q1 2024 due to a low base effect [4]. - The company has expanded its customer base, particularly in overseas markets, with sales in the RCEP region increasing by over 50% year-on-year [5]. - The company has received multiple awards from core customers, reflecting high recognition in areas such as order operations and quality delivery [12]. Financial Summary - In 2023, the company reported a revenue of 2.41 billion, a slight decrease of 0.9% year-on-year, while net profit increased by 21.3% to 250 million [14]. - The company’s gross profit margin improved to 31.2%, with a net profit margin of 10.3%, both showing year-on-year increases [3][14]. - The financial forecast indicates a projected net profit of 280 million, 330 million, and 390 million for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 12, 10, and 9 [22][23].