2023短期承压，2024改善在途

Investment Rating - The report maintains a "Buy-A" investment rating for the company with a 6-month target price of 41.23 CNY, compared to the current stock price of 35.30 CNY [7][11]. Core Views - The company is expected to see revenue growth rates of 12.13%, 10.90%, and 10.04% for 2024, 2025, and 2026 respectively, with profit growth rates of 30.20%, 18.43%, and 12.43% during the same period [11]. - The report highlights that the company is focusing on expanding its product categories, particularly in seeds and nuts, with a decrease in seed costs anticipated to gradually release cost benefits [11][21]. - The company reported a revenue of 6.806 billion CNY in 2023, a slight decrease of 1.13% year-on-year, and a net profit of 803 million CNY, down 17.77% year-on-year [9][21]. Financial Summary - The company achieved a gross margin of 26.75% in 2023, down 5.21% year-on-year, primarily due to rising seed costs [21]. - The report projects the company's operating income to increase from 6.806 billion CNY in 2023 to 7.631 billion CNY in 2024, reflecting a growth rate of 12.1% [15][26]. - The net profit is expected to recover to 1.045 billion CNY in 2024, with an EPS of 2.06 CNY [26][43]. - The company plans to distribute a cash dividend of 5.02 billion CNY, with a payout ratio of 62.55% [9].