业绩表现抢眼，产品渠道持续发力

Investment Rating - The report assigns an "Accumulate-A" rating for the company, marking its first coverage [4][40]. Core Views - The company is expected to continue its multi-category and all-channel development strategy, with stable operations in its core products and promising growth in newly cultivated categories. This, combined with refined and diversified channel management, is anticipated to lead to sustained sales growth and improved operational efficiency [4][26]. Financial Performance - In 2023, the company achieved a revenue of 1.848 billion yuan, a year-on-year increase of 27.36%, and a net profit of 329 million yuan, up 107.8% year-on-year [40]. - For Q1 2024, the company reported a revenue of 586 million yuan, representing a year-on-year growth of 49.75% [40]. - The gross profit margin for 2023 was 36.24%, an increase of 1.98 percentage points year-on-year, primarily due to a decrease in raw material procurement costs [40]. Revenue Projections - The company forecasts revenues of 2.402 billion yuan, 2.940 billion yuan, and 3.491 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 30.0%, 22.4%, and 18.7% [4][5]. - The projected net profit for the same years is 406 million yuan, 500 million yuan, and 597 million yuan, with growth rates of 23.2% for both 2024 and 2025, and 19.4% for 2026 [4][5]. Product Segmentation - The core product lines, including sunflower seeds, green peas, and broad beans, are expected to maintain leading market shares, with revenue growth rates projected at 15%, 18%, and 12% for 2024 to 2026, respectively [23]. - The comprehensive nut and bean series is anticipated to see significant growth, with revenue growth rates of 49.35%, 31.30%, and 26.25% from 2024 to 2026 [25]. Operational Strategy - The company plans to enhance product strength, channel capabilities, and operational efficiency through talent development, cost control, and logistics improvements [3]. - A shareholder dividend plan for 2023-2025 has been introduced, committing to distribute at least 30% of the annual distributable profits in cash, subject to certain conditions [3].