2023年年报及2024年一季报点评：顺利收官，战略清晰

Investment Rating - The report maintains a "Buy" rating for the company, with a target P/E ratio of 21x for 2024, 16x for 2025, and 13x for 2026 [2][3] Core Views - The company achieved strong financial performance in 2023, with revenue of 1.848 billion yuan, up 27.36% YoY, and net profit attributable to shareholders of 329 million yuan, up 107.82% YoY [1] - The company is actively expanding its new product lines and channels, with a clear strategic direction [1][2] - The company's profitability has improved, with a net profit margin of 17.81% in 2023, up significantly from 10.9% in 2022 [7][8] Financial Performance - In 2023, the company's revenue reached 1.848 billion yuan, a 27.36% YoY increase, while net profit attributable to shareholders surged 107.82% YoY to 329 million yuan [1] - For Q1 2024, the company reported revenue of 586 million yuan, up 49.75% YoY, and net profit attributable to shareholders of 91 million yuan, up 65.30% YoY [1] - The company's gross margin improved to 36.24% in 2023, up from 34.3% in 2022, driven by scale effects and cost control [7] Product and Channel Performance - In 2023, the company's core products, including green peas, melon seeds, and broad beans, maintained steady growth, with revenue increases of 26.04%, 18.38%, and 11.02% respectively [15] - The comprehensive nut and bean product line saw a significant revenue increase of 32.16% YoY, while other product lines grew by 43.29% YoY [15] - The company's distribution channels, e-commerce, and other channels grew by 27.63%, 29.39%, and 9.86% respectively in 2023 [15] Future Outlook - The company is expected to achieve net profits of 406 million yuan, 517 million yuan, and 628 million yuan in 2024, 2025, and 2026 respectively, with corresponding EPS of 4.36 yuan, 5.55 yuan, and 6.74 yuan [2] - The company plans to further optimize its upstream procurement and production efficiency, which is expected to enhance profitability in 2024 [7] - The company will continue to expand its supermarket channels, focusing on both bulk and packaged products, and will streamline SKUs to focus on key products [15]