Investment Rating - The report maintains a "Buy" rating for the company [14]. Core Insights - The company reported a revenue of 4.33 billion and a net profit of 429 million for 2023, reflecting a year-on-year growth of 27.36% and 60.68% respectively. The Q1 2024 results also showed a revenue of 1.10 billion and a net profit of 148 million, with year-on-year growth of 21.33% and 74.49% [14]. - The growth in revenue is primarily driven by the increase in staple food sales, with a slight decrease in sales price per ton. The self-owned brand revenue reached 2.75 billion, up 34.15%, accounting for 63.44% of total revenue [14]. - The company has successfully captured the rapidly expanding domestic pet food market, increasing its market share from 2.4% in 2015 to 4.8% in 2022, ranking first among domestic brands [14]. - The direct sales channel has shown significant growth, with domestic sales reaching 2.86 billion, a 39.38% increase, while overseas sales grew by 8.96% to 1.46 billion [14]. - The overall gross margin improved to 36.83%, an increase of 4.19 percentage points, attributed to the higher proportion of self-owned brands and direct sales channels [14]. - The company expects revenue growth to continue, projecting revenues of 5.38 billion, 6.66 billion, and 8.19 billion for 2024, 2025, and 2026 respectively, with corresponding net profits of 549 million, 689 million, and 857 million [14]. Summary by Sections Revenue and Profitability - In 2023, the company achieved a revenue of 4.33 billion and a net profit of 429 million, with respective growth rates of 27.36% and 60.68% [14]. - The Q1 2024 results showed a revenue of 1.10 billion and a net profit of 148 million, with growth rates of 21.33% and 74.49% [14]. Product Performance - Revenue from snacks, staple foods, and health products reached 2.17 billion, 2.09 billion, and 57 million respectively, with year-on-year growth of 10.86%, 50.35%, and 54.40% [14]. - The staple food revenue grew significantly, increasing its revenue share by 7.38 percentage points to 48.24% [14]. Market Position - The company has increased its market share in the domestic pet food sector, achieving a market share of 4.8% in 2022, up from 2.4% in 2015 [14]. Sales Channels - Domestic sales reached 2.86 billion, a 39.38% increase, while overseas sales were 1.46 billion, growing by 8.96% [14]. - Direct sales accounted for 28.56% of total sales, an increase of 5.40 percentage points year-on-year [14]. Financial Projections - Projected revenues for 2024, 2025, and 2026 are 5.38 billion, 6.66 billion, and 8.19 billion respectively, with net profits of 549 million, 689 million, and 857 million [14].
年报点评：主粮收入年内高增，自有品牌提升盈利