24Q1毛利率提升显著，产能持续扩张中

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the coming months [6]. Core Views - The company reported a revenue of 6.872 billion yuan in 2023, a decrease of 3.10% year-on-year, while the net profit attributable to shareholders was 41.14 million yuan, down 64.24% year-on-year [6][8]. - The gross margin improved to 10.74% in 2023, up 0.92 percentage points, despite challenges from rising raw material prices and a sluggish aquaculture market [6]. - The company is expanding its production capacity, with plans to increase output significantly in the coming years, particularly in the specialty aquaculture feed sector [6]. Financial Summary - Revenue Forecast: Expected to grow from 6.872 billion yuan in 2023 to 9.040 billion yuan by 2026, with growth rates of -3.10%, 7.24%, 11.09%, and 10.42% for the respective years [1]. - Net Profit Forecast: Projected to rise sharply from 41.14 million yuan in 2023 to 301.92 million yuan in 2026, with growth rates of -64.24%, 299.86%, 82.19%, and 0.73% [1]. - Earnings Per Share (EPS): Expected to increase from 0.06 yuan in 2023 to 0.43 yuan in 2025, maintaining a PE ratio of 19 in 2025 and 2026 [1]. - Return on Equity (ROE): Forecasted to improve from 1.50% in 2023 to 9.50% in 2025, before slightly declining to 8.88% in 2026 [1]. Operational Insights - The company is focusing on optimizing its product structure to enhance profitability, which is expected to improve as it continues to invest in technology and expand its market presence [6]. - The company has faced challenges in cash collection from sales, leading to increased asset impairment provisions, which impacted net profit significantly [6]. - The company plans to leverage its existing production bases and expand into new markets, particularly in Vietnam, to enhance its competitive edge [6].