公司年报点评：2023年扣非后净利润同比增长197.42%，销售毛利率显著提升

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of RMB 20.50 based on a 25x PE for 2024 [2]. Core Insights - In 2023, the company achieved a net profit of RMB 302 million, a year-on-year increase of 165.89%, and a revenue of RMB 1.86 billion, up 12.82% year-on-year. The net profit excluding non-recurring items grew by 197.42% [9][1]. - The company plans to distribute cash dividends totaling approximately RMB 241 million, representing about 79.87% of the net profit attributable to shareholders [9][1]. - The plant growth regulator segment continues to be a core focus, with increasing revenue and proportion of total revenue in 2023 [9][1]. Financial Performance Summary - For Q4 2023, the company reported revenue of RMB 511 million, a quarter-on-quarter increase of 29.51% and a year-on-year increase of 25.45%. The net profit attributable to shareholders was RMB 79.21 million, turning profitable compared to the same period last year [1][9]. - The company’s earnings per share (EPS) forecasts for 2024, 2025, and 2026 are RMB 0.82, RMB 0.98, and RMB 1.19, respectively [2]. Market and Industry Outlook - The plant growth regulator industry is expanding, with significant growth potential. The market size in China grew from RMB 3.36 billion in 2011 to RMB 6.39 billion in 2017, with a CAGR of 11.32% [10].