Investment Rating - The investment rating for the company is "Buy" (maintained) with a target price of 91.84 CNY [1][4]. Core Viewpoints - The company is transitioning from "product export" to "supply chain + brand export," with a significant investment of 220 million CNY in establishing its first overseas factory in Thailand, focusing on konjac and potato chip categories [3]. - The company aims to achieve a 10%-20% share of overseas business within 3-5 years, indicating a strategic shift towards globalization [3]. - The financial performance remains robust, with projected net profits for 2025-2027 at 783 million CNY, 999 million CNY, and 1.215 billion CNY respectively, despite adjustments due to raw material and labor cost fluctuations [4][8]. Financial Summary - The company’s revenue is expected to grow from 4.115 billion CNY in 2023 to 9.190 billion CNY by 2027, reflecting a compound annual growth rate (CAGR) of 17.1% [6]. - The net profit margin is projected to stabilize around 12% over the forecast period, with net profit growth rates of 67.8%, 26.5%, and 22.3% for the years 2023, 2024, and 2025 respectively [6][10]. - The company’s earnings per share (EPS) are forecasted to increase from 1.85 CNY in 2023 to 4.45 CNY in 2027 [6][10].