道道全23年报及24年一季报点评：销量大幅改善，调味油上线丰富品类

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative performance increase of over 15% compared to the benchmark index within the next 6 to 12 months [1][5]. Core Insights - The company has shown significant improvement in sales, particularly in the second half of 2023, following strategic adjustments and a recovery in the overall consumption environment. The launch of new seasoning oil products is expected to enhance the company's product offerings and risk resilience [1][3]. - The company's revenue for 2023 was reported at 7 billion CNY, with a year-on-year growth of 15.18 million CNY, while the net profit for the same year was 76 million CNY, reflecting a substantial recovery from a previous loss [1][3]. - The gross profit margin for 2023 reached 7.57%, marking the best level in four years, and the first quarter of 2024 saw a gross margin of 12.92%, the highest in five years [1][3]. Financial Summary - Revenue Forecast: - 2023: 7,001 million CNY - 2024E: 7,440 million CNY (6% growth YoY) - 2025E: 8,123 million CNY (9% growth YoY) - 2026E: 8,995 million CNY (11% growth YoY) [1][3]. - Net Profit Forecast: - 2023: 76 million CNY - 2024E: 216 million CNY (185% growth YoY) - 2025E: 292 million CNY (35% growth YoY) - 2026E: 400 million CNY (37% growth YoY) [1][3]. - Earnings Per Share (EPS): - 2023: 0.22 CNY - 2024E: 0.63 CNY - 2025E: 0.85 CNY - 2026E: 1.16 CNY [1][3]. - Return on Equity (ROE): - 2023: 3.7% - 2024E: 9.8% - 2025E: 11.9% - 2026E: 14.3% [1][3]. - Debt Ratios: - Asset-liability ratio for 2023: 57.2% - Debt-to-equity ratio for 2023: 82.9% [1][3].