Investment Rating - The report maintains an "Outperform" rating for the company [22] Core Views - The company's 2023 net profit attributable to shareholders was 80 million yuan, a year-on-year decrease of 39.18%, attributed to changes in overall downstream market demand and adjustments in product structure [24] - The company is optimistic about its Thailand base becoming a new growth point for performance [24] - Revenue from synthetic flavors, cooling agents, and natural flavors in 2023 showed changes of -18.18%, 19.29%, and -29.53%, respectively [24] - The gross profit margins for synthetic flavors, cooling agents, and natural flavors in 2023 changed by -9.37, 1.50, and -5.05 percentage points, respectively [24] Financial Forecasts - The company expects earnings per share (EPS) for 2024, 2025, and 2026 to be 1.54, 2.55, and 3.25 yuan, respectively [20] - Total revenue is projected to increase from 630 million yuan in 2023 to 900 million yuan in 2024, and further to 1.44 billion yuan in 2026 [21] - The gross profit margin is expected to improve from 32.2% in 2023 to 37.2% in 2026 [21] Business Expansion and Product Development - The company is actively expanding production capacity and continuously developing new products and processes [19] - The Thailand production base's first phase is expected to produce 1,000 tons of vanillin, 200 tons of moss extract, and other products, aiming for production by December 31, 2024 [19] - The company has established stable business relationships with many well-known domestic and international companies, leveraging its brand and customer resource advantages [25]
公司年报点评：23年归母净利润0.80亿元，同比下降39.18%，看好泰国基地成为公司业绩新增长点