归母净利润高增，关注拓店进展+爆品打造

Investment Rating - The report maintains a "Buy" rating for the company, expecting a significant price increase relative to the industry index over the next six months [25][33]. Core Insights - The company, recognized as the "first stock in the marinated food sector," has been deeply engaged in the industry for many years, implementing a "thousand cities, ten thousand stores" strategy and optimizing store structures to enhance single-store performance [1][15]. - The company aims to achieve revenues of 22.85 billion, 26.95 billion, and 30.74 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 19%, 18%, and 14% [1]. - The projected net profit attributable to the parent company is 1.4 billion, 1.9 billion, and 2.52 billion yuan for the years 2024, 2025, and 2026, reflecting year-on-year growth rates of 98%, 36%, and 32% [1]. Financial Summary - In 2023, the company reported operating revenue of 19.21 billion yuan, a decrease of 1.70% year-on-year, while the net profit attributable to the parent company was 0.71 billion yuan, an increase of 129.01% year-on-year [11][15]. - The comprehensive gross margin for 2023 was 29.06%, up by 0.90 percentage points, and the net profit margin was 3.68%, an increase of 2.10 percentage points [11]. - The company plans to open 2,000 new stores in 2024, focusing on both deepening existing markets and expanding into new ones [16][26]. Operational Performance - The company has successfully opened approximately 70% of its targeted new stores in 2023, with a total of 4,497 specialty stores by the end of the year [26]. - The average sales per store reached 650,000 yuan in the first half of 2023, showing a year-on-year increase of 9.87% [26]. - The company has introduced a new retail model combining online and offline sales, enhancing consumer engagement through various platforms [29].