2023年报点评：毛利率边际改善，分红率再提升

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for the stock over the next 6 to 12 months [1][16][26] Core Insights - In 2023, the company achieved revenue of 6.81 billion yuan, a year-on-year decrease of 1.1%, and a net profit attributable to shareholders of 800 million yuan, down 17.8% year-on-year [1][15] - The company plans to distribute a cash dividend of 10 yuan per 10 shares, resulting in a dividend payout ratio of 62.55%, reflecting a commitment to enhancing shareholder returns [3][16] - The report highlights a marginal improvement in gross margin, with a gross margin of 26.75% for 2023, despite challenges from rising raw material costs [2][16] Financial Performance Summary - The company reported a net profit margin of 11.80% in 2023, down 2.38 percentage points year-on-year, and a non-recurring net profit margin of 10.43%, down 1.88 percentage points [2][16] - The revenue breakdown shows that nut products generated 1.753 billion yuan, a growth of 8.00%, while sunflower seeds and other products saw declines of 5.36% and growth of 1.51%, respectively [1][15] - The company expects revenue growth of 12.6%, 11.6%, and 10.8% for 2024, 2025, and 2026, respectively, with net profit projections of 1.04 billion yuan, 1.20 billion yuan, and 1.38 billion yuan for the same years [16][15]