需求有待修复，成本红利可期

Investment Rating - The report maintains a "Buy" rating for the company [14] Core Views - The company's gross margin has been under pressure due to cost increases, with a year-on-year decline of 2.4 percentage points to 50.7% in 2023. However, a slight recovery is expected in Q4 2023, with a gross margin of 50.6%, up 3.3 percentage points year-on-year [1] - The company has optimized its sales expenses, leading to a decrease in sales and marketing costs, while the overall net profit margin for 2023 decreased by 1.5 percentage points to 33.7% [1] - The company is focusing on new product development, particularly the launch of a new pickled vegetable sauce, which has been well-received in the market [11] - Cost reductions are anticipated to begin benefiting the company from Q2 2024, as procurement prices for key ingredients are expected to decrease [12] Financial Summary - In 2023, the company reported revenue of 2.45 billion yuan, a decrease of 3.9% year-on-year, and a net profit of 827 million yuan, down 8.0% year-on-year [16] - The projected net profit for 2024-2026 is expected to be 9.1 billion, 10.3 billion, and 11.3 billion yuan respectively, reflecting a year-on-year growth of 10.6%, 12.5%, and 9.4% [12] - The company's earnings per share (EPS) for 2023 is projected at 0.72 yuan, with expectations of 0.79 yuan in 2024 and 0.89 yuan in 2025 [13]