劲仔食品2023年报点评：战略明确，路径清晰，稳步前进

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 15.36 yuan, based on a 24x PE valuation for 2024 [4][26]. Core Insights - The company reported a revenue of 2.065 billion yuan for 2023, representing a year-on-year increase of 41.26%, and a net profit attributable to the parent company of 210 million yuan, up 68.17% year-on-year [1][4]. - The gross margin improved significantly, with a 2023 gross margin of 28.17%, an increase of 2.55 percentage points year-on-year, and a Q4 gross margin of 32.61%, up 7.91 percentage points year-on-year [3][4]. - The company has adjusted its EPS forecasts for 2024-2026 to 0.64, 0.79, and 0.98 yuan respectively, reflecting a positive outlook on revenue and gross margin [4][26]. Financial Performance - The company achieved a net profit margin of 10.15% in 2023, an increase of 1.62 percentage points year-on-year [3]. - The revenue breakdown shows significant growth across various product categories, with fish products, poultry products, and quail eggs showing notable increases in sales [20][21]. - The company’s online revenue reached 416 million yuan in 2023, a year-on-year increase of 34.76%, while offline revenue was 1.649 billion yuan, up 43.00% year-on-year [20]. Strategic Developments - The company is advancing its "large packaging + bulk sales" strategy, with significant growth in both large packaging and bulk sales channels [20][21]. - The number of distributors increased from 2,267 at the end of 2022 to 3,057 by the end of 2023, indicating a strengthening distribution network [20].