三年收入翻番，增长势能强劲

Investment Rating - The report assigns an "Accumulate-A" rating to the company with a target price of 15.09 CNY as of April 25, 2024 [1]. Core Insights - The company achieved a revenue of 2.065 billion CNY in 2023, representing a year-on-year growth of 41.26%, and a net profit of 210 million CNY, up 68.12% year-on-year [1]. - The company aims to double its revenue again in the next three years, targeting a compound annual growth rate (CAGR) of approximately 25% [1][3]. - The growth is driven by increased sales of quail eggs and the upgrade of packaging and distribution channels [1][4]. Revenue Analysis - In 2023, the company reported revenue growth across various quarters: Q1 +68.40%, Q2 +35.17%, Q3 +45.92%, and Q4 +26.51% [1]. - Revenue breakdown by product category for 2023 includes fish products at 1.291 billion CNY (+25.87%), poultry products at 451.96 million CNY (+147.56%), and vegetable products at 72.11 million CNY (+88.24%) [1][29]. - The company has seen a significant increase in the proportion of small packaging revenue, which accounted for 49% of total revenue, up 16% year-on-year [1]. Profit Analysis - The gross profit margin for 2023 was 28.17%, an increase of 2.54 percentage points year-on-year, with Q4 gross margin reaching 32.61% [1]. - The company’s net profit margin for 2023 was 10.15%, up 1.62 percentage points year-on-year, indicating improved profitability [1]. Future Outlook - The company expects strong growth in its second major product, quail eggs, as production bottlenecks ease and brand recognition increases [3]. - The report forecasts revenue growth rates of 30.9%, 23.9%, and 20.9% for 2024 to 2026, with net profit growth rates of 37.8%, 30.2%, and 25.1% respectively [4][12]. - The company is focusing on expanding its modern distribution channels and enhancing its brand image through product innovation and differentiation [3][10]. Financial Data and Valuation - The company’s projected revenue for 2024 is 2.704 billion CNY, with a net profit of 289 million CNY [12]. - The report indicates that the company’s P/E ratios for 2024, 2025, and 2026 are expected to be 22.5x, 17.3x, and 13.8x respectively, suggesting a relatively attractive valuation compared to peers [4][33].