海外业务盈利高增，国内市场关注品牌调整

Investment Rating - The report maintains a "Strong Buy" rating for the company [1][21]. Core Insights - The company reported a total revenue of 3.747 billion yuan in 2023, representing a year-over-year growth of 15.37%, and a net profit attributable to shareholders of 233.16 million yuan, which is a significant increase of 120.12% compared to the previous year [1][21]. - In Q1 2024, the company achieved a revenue of 878 million yuan, marking a year-over-year growth of 24.42%, and a net profit of 56 million yuan, reflecting a remarkable year-over-year increase of 259% [1][21]. - The domestic business generated revenue of 1.086 billion yuan in 2023, with a year-over-year growth of 20.40%. The main product categories, including pet staple food, snacks, and canned food, saw revenues of 577 million, 2.351 billion, and 635 million yuan respectively, with growth rates of 60.23%, 9.81%, and 5.76% [2]. - The company has been actively adjusting its product layout to stabilize pricing and improve gross margins, with a domestic gross margin of 31.28% in 2023, up by 3.51 percentage points year-over-year [2]. - The overseas business generated revenue of 2.662 billion yuan in 2023, a year-over-year increase of 13.44%, with a gross margin of 25.22%, which improved significantly by 7.97 percentage points due to favorable raw material prices and product structure optimization [20]. - The report forecasts net profits for 2024, 2025, and 2026 to be 288.18 million, 346.97 million, and 418.71 million yuan respectively, with corresponding EPS of 0.98, 1.18, and 1.42 yuan, and PE ratios of 26, 21, and 18 [21][22]. Summary by Sections Financial Performance - In 2023, the company achieved total revenue of 3.747 billion yuan and a net profit of 233.16 million yuan, with respective growth rates of 15.37% and 120.12% [1][21]. - The Q1 2024 results showed revenue of 878 million yuan and a net profit of 56 million yuan, with growth rates of 24.42% and 259% year-over-year [1][21]. Product and Market Analysis - The domestic market's revenue was 1.086 billion yuan in 2023, with a growth of 20.40%, while the overseas market contributed 2.662 billion yuan, growing by 13.44% [2][20]. - The company has focused on enhancing its product mix and improving gross margins, achieving a domestic gross margin of 31.28% in 2023 [2]. Future Outlook - The company is expected to continue its growth trajectory, with projected net profits increasing to 288.18 million yuan in 2024 and further to 418.71 million yuan by 2026 [21][22].