Investment Rating - The investment rating for the company is "Recommended" with a target price of 8.14 CNY [11]. Core Views - The company achieved a revenue growth of 8.05% and a net profit growth of 0.39% for the full year 2023, with a significant increase in net profit excluding non-recurring items by 19.94% [11]. - In Q4 2023, the company reported a revenue increase of 3.01% and a net profit increase of 23.09%, with net profit excluding non-recurring items rising by 69.41% [11]. - The company is facing pressure from the dairy product industry, with major client growth slowing down, impacting overall revenue growth [11]. - The company has adopted an "order-based production" model, producing based on customer orders, which has led to a revenue contribution from major clients like Yili, accounting for 72% of total revenue [11]. - The company is expanding its production capacity and has completed the acquisition of a competitor, enhancing its competitive position in the market [11]. Financial Summary - For 2023, the company reported total revenue of 1,737 million CNY, with a projected revenue of 1,875 million CNY for 2024, reflecting a growth rate of 8.0% [12]. - The net profit attributable to shareholders for 2023 was 170 million CNY, with projections of 191 million CNY for 2024, indicating a growth rate of 0.4% [12]. - The company's gross margin for 2023 was 21.66%, with expectations of slight improvements in the following years [12]. - The company’s earnings per share (EPS) for 2023 was 0.41 CNY, projected to increase to 0.45 CNY in 2024 [12]. - The price-to-earnings (PE) ratio is expected to decrease from 20 in 2023 to 14 by 2026, indicating a potential increase in valuation [12].
2023年年报及2024年一季报点评：下游需求承压，公司整体保持平稳增长