全国化趋势明确，员工持股计划激发增长活力

Investment Rating - The report maintains a "Buy" rating for the company [2][13][40] Core Views - The company achieved a revenue of 1.41 billion yuan in 2023, a year-on-year increase of 0.6%, and a net profit attributable to shareholders of 240 million yuan, up 7.2% year-on-year [1] - The company is expected to see net profits of 290 million yuan, 350 million yuan, and 410 million yuan from 2024 to 2026, with corresponding EPS of 0.73 yuan, 0.88 yuan, and 1.03 yuan, leading to dynamic PE ratios of 19x, 16x, and 14x respectively [2][14] - The successful issuance of convertible bonds raised 600 million yuan to enhance production capacity, and the employee stock ownership plan reflects confidence in future growth [4][31] Revenue and Profitability - The company reported a gross margin of 35.8% in 2023, an increase of 3.4 percentage points year-on-year, primarily due to lower raw material and energy costs, as well as price increases [13][20] - The sales expense ratio decreased by 0.5 percentage points to 11.9%, while the management expense ratio increased by 0.5 percentage points to 4.7% [13] - The net profit margin improved by 1 percentage point to 16.8% in 2023 [13] Product and Regional Performance - In 2023, the revenue from dairy beverages was 1.38 billion yuan, up 2%, while other products generated 30 million yuan, down 30.4% [6] - Revenue by region showed growth in Central and Southwest China, with East China experiencing a decline of 3.6% [6] Future Outlook - The company aims to expand its market presence, particularly in the breakfast and small dining channels, with projected revenue growth rates of 19.1%, 17.1%, and 13.7% from 2024 to 2026 [31][34] - The company has set ambitious performance targets for 2024 and 2025 as part of its employee stock ownership plan, indicating strong confidence in future growth [4][31]