坚定“三年倍增”目标

Investment Rating - The report maintains a "Buy" rating for the company [6][25]. Core Views - The company aims to achieve a "three-year doubling" target, with a projected revenue of 20.65 billion yuan in 2023, reflecting a year-on-year growth of 41.26% [8][25]. - The company has successfully completed its doubling target since its listing three years ago, with a net profit of 2.10 billion yuan in 2023, up 68.17% year-on-year [8][25]. - The next three-year plan focuses on further doubling revenue, emphasizing key products such as deep-sea fish and quail eggs, while also diversifying into other product lines [9][10]. Financial Performance Summary - The company reported a revenue of 20.65 billion yuan for 2023, with a net profit of 2.10 billion yuan, and a quarterly revenue of 5.72 billion yuan in Q4, marking a 26.51% year-on-year increase [8][25]. - The gross profit margin for 2023 was 28.17%, an increase of 2.55 percentage points year-on-year, with Q4 gross margin reaching 32.61% [23]. - The company expects revenues of 27.21 billion yuan, 33.79 billion yuan, and 40.43 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 2.76 billion yuan, 3.54 billion yuan, and 4.20 billion yuan [25][12]. Product and Market Strategy - The company is focusing on optimizing its product matrix through a "large packaging + bulk" strategy, with over 50% of revenue coming from this model [3]. - Key product categories include fish products, which generated 1.291 billion yuan in revenue, up 25.87% year-on-year, and quail eggs, which achieved over 300 million yuan in its first full sales year [3][10]. - The distribution model has seen significant growth, with revenue from the distribution model reaching 1.666 billion yuan, a 35.98% increase year-on-year [3]. Valuation and Future Outlook - The current stock price corresponds to a valuation of 23, 18, and 15 times earnings for 2024, 2025, and 2026 respectively [25]. - The company is in a phase of rapid growth and improving profitability, with a target price set between 15.32 and 18.38 yuan based on a 25-30 times valuation for 2024 [25].