海外业务持续修复，看好国内自主品牌表现

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expected performance that exceeds the market benchmark by more than 15% over the next six months [29]. Core Views - The company's overseas business is gradually recovering, while the domestic self-owned brands are expected to perform well. The report forecasts a significant improvement in profitability driven by successful product launches and brand positioning [20][22]. - The company reported a total revenue of 1.41 billion yuan for 2023, a year-on-year decrease of 18.51%, and a net profit attributable to shareholders of -0.11 billion yuan, a year-on-year decrease of 108.72%. However, in Q1 2024, revenue surged to 0.384 billion yuan, reflecting a year-on-year increase of 142.37% [20][21]. Financial Performance Summary - Revenue Forecast: The company is projected to achieve revenues of 1.94 billion yuan in 2024, 2.45 billion yuan in 2025, and 3.00 billion yuan in 2026, with growth rates of 37.15%, 26.67%, and 22.36% respectively [5]. - Net Profit Forecast: Expected net profits for 2024, 2025, and 2026 are 0.123 billion yuan, 0.173 billion yuan, and 0.223 billion yuan respectively, with corresponding EPS of 0.49 yuan, 0.68 yuan, and 0.88 yuan [5][20]. - Valuation Metrics: The report anticipates PE ratios of 28, 20, and 16 for the years 2024, 2025, and 2026 respectively, indicating a favorable valuation outlook [20]. Market Dynamics - The report highlights a divergence in sales performance between domestic and international markets, with domestic sales increasing by 26.95% while international sales decreased by 27.10% in 2023. This reflects the impact of inventory destocking in overseas markets [21]. - The company has successfully launched popular products under its brands, contributing to a 31.33% increase in revenue from its main and wet food categories in 2023 [22]. Strategic Outlook - The company is focusing on enhancing its brand strength through differentiated product offerings and new product launches, which are expected to bolster its market position and profitability [22].