盈利能力表现亮眼，期待24年延续高增

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock over the next six months [6][7]. Core Views - The company is expected to achieve a net profit of between 70.56 million and 78.40 million yuan in Q1 2024, representing a year-on-year increase of 60% to 80%. The non-recurring net profit is projected to be between 55.38 million and 63.22 million yuan, reflecting a growth of 68% to 92% [6]. - The report forecasts net profits for 2024 to 2026 at 291 million, 376 million, and 476 million yuan, respectively, with year-on-year growth rates of 39%, 29%, and 27% [7]. - The company's strategy focuses on upgrading packaging and expanding modern distribution channels, particularly through poultry products, which is expected to drive revenue growth [7]. Financial Summary - Total revenue is projected to grow from 1.462 billion yuan in 2022 to 4.09 billion yuan by 2026, with a compound annual growth rate (CAGR) of approximately 23.1% [10]. - The gross profit margin is expected to remain stable, with estimates of 28.4% by 2026 [10]. - The earnings per share (EPS) are forecasted to increase from 0.31 yuan in 2022 to 1.06 yuan in 2026 [10]. Performance Drivers - The company's product matrix optimization through a "large packaging + loose sales" strategy is anticipated to enhance brand strength and profitability [7]. - The introduction of new product specifications and the expansion of distribution channels are expected to contribute to continued revenue growth in 2024 [7]. - The net profit margin is projected to remain high, with estimates of 12% to 13% for Q1 2024, supported by improved production efficiency and lower raw material costs [7].