聚焦主业，韧性增长

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 25.39 yuan, based on a 20x PE for 2024 [14][13]. Core Insights - The company reported a revenue of 7.261 billion yuan in 2023, a year-on-year increase of 9.64%, and a net profit of 344 million yuan, reflecting a growth rate of 46.63% compared to 2022 [5][6]. - In Q1 2024, the company achieved a revenue of 1.695 billion yuan, a decline of 7.04% year-on-year, while net profit increased by 20.02% to 165 million yuan [5]. - The company focuses on its core business of duck neck products and aims to build a food ecosystem, with a total of 16,000 stores in mainland China by the end of 2023, marking a net increase of 874 stores [6][13]. Financial Performance Summary - Revenue projections for 2024-2026 are set at 8.036 billion, 8.905 billion, and 9.332 billion yuan, with corresponding growth rates of 10.66%, 10.82%, and 4.79% [13]. - The net profit forecasts for the same period are 787 million, 953 million, and 1.048 billion yuan, with growth rates of 128.68%, 21.01%, and 9.99% respectively [13]. - The company's gross margin for 2023 was 24.77%, a decrease of 0.80 percentage points, while the net margin improved to 4.37%, an increase of 1.44 percentage points year-on-year [13]. Market Position and Strategy - The company has seen strong performance in the northwest region, with a revenue increase of 106.52% in that area [6]. - Cost reduction and efficiency improvements are ongoing, with a focus on lean production to enhance profitability [6][13]. - The company aims to optimize production capacity and reduce costs further, which is expected to gradually release profit potential [13].