Zhongjing Food(SZ:300908) Huaxin Securities·2024-04-08 16:00Investment Rating - The report maintains a "Buy" investment rating for the company [2] Core Views - The company, as a leading producer of mushroom sauce, is solidifying its core product while expanding into a second growth curve with Shanghai scallion oil, ensuring strong and stable growth in performance [2] - The earnings per share (EPS) forecasts for 2024-2026 are projected to be 2.30, 2.83, and 3.34 yuan respectively, with corresponding price-to-earnings (PE) ratios of 19, 15, and 13 times [2] Financial Summary - The company reported total revenue of 994 million yuan in 2023, reflecting a 13% increase, driven by channel expansion [20] - The net profit attributable to shareholders for 2023 was 172 million yuan, up 37%, with a non-recurring net profit of 164 million yuan, increasing by 75% [20] - The gross margin for 2023 was 41.59%, an increase of 5 percentage points, attributed to product structure optimization and alleviated cost pressures [20] - The company plans to achieve double-digit growth in both revenue and profit for 2024 [20] Product and Channel Development - The company is optimizing its product structure and steadily advancing its all-channel layout, with significant growth in Shanghai scallion oil as a second growth driver [20] - In 2023, the revenue from seasoning products was 558 million yuan, up 18.96%, with sales volume increasing by 15.87% [20] - The company has established a development department for catering and special channels, focusing on group meals and banquet hotels, which has received positive market feedback [20]