Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected performance that will outperform the market by over 20% [30]. Core Views - The company achieved a revenue growth of 26.82% year-on-year in 2023, with a net profit attributable to the parent company increasing by 58.58% [30]. - The gross profit margin improved to 19.87%, up by 4.71 percentage points from 2022, driven by enhanced product development and cost control [30]. - The company is expected to continue benefiting from the growth in its main grain business and market expansion, with projected net profits for 2024-2026 being 0.80 billion, 0.99 billion, and 1.25 billion respectively [30]. Financial Summary - In 2023, the company reported total revenue of 696 million, with a gross profit margin of 19.87% [30]. - The net profit for 2023 was 68 million, with an EPS of 0.66 [30]. - The company’s total assets increased from 551 million in 2022 to 661 million in 2023, with a significant rise in current assets [20][30]. - The company’s operating income is projected to reach 865 million in 2024, with a corresponding net profit of 80 million [31]. Product Performance - The company saw substantial growth in various product lines, with pet food revenue increasing by 316% due to the launch of new production lines [29]. - The revenue from meat snacks grew by 11.44%, while meat powder saw a significant increase of 59.24% [29]. - The introduction of the new "Shake It" product line aims to redefine pet food offerings, enhancing customer engagement [29].
北交所信息更新：路斯宠物主粮开启喂养新方式，2023年归母净利润+59%