Investment Rating - The investment rating for the company is "Buy" with a target price of 52.71 CNY [4][23]. Core Insights - The company's proprietary brand growth is impressive, with strong momentum in staple food products. The domestic business proportion has increased, making it the market leader in brand share within the country. The gross profit margin continues to improve, supported by increased sales and management investments [5][15]. Financial Performance Summary - In 2023, the company achieved a revenue of 4.327 billion CNY, a year-on-year increase of 27.36%. The net profit attributable to the parent company was 429 million CNY, up 60.68% year-on-year. For Q1 2024, revenue reached 1.097 billion CNY, growing 21.33% year-on-year, with a net profit of 150 million CNY, an increase of 74.49% year-on-year [15][18]. - The proprietary brand business generated 2.745 billion CNY in revenue, a 34.15% increase year-on-year, accounting for 63.44% of total revenue. The OEM/ODM business contributed 1.407 billion CNY, up 18.01% year-on-year, representing 32.51% of total revenue [15][16]. Gross Margin and Cost Structure - The gross margin for 2023 was 36.84%, an increase of 4.25 percentage points year-on-year. The gross margins for staple food and snack products were 36.00% and 37.19%, respectively, reflecting improvements in management and supply chain optimization [17]. - The company’s expenses for sales, management, R&D, and finance were 721 million CNY, 250 million CNY, 73 million CNY, and -13 million CNY, respectively, with year-on-year increases of 32.22%, 41.17%, 8.00%, and a decrease of 27.66% [17]. Future Projections - The company forecasts revenues of 5.333 billion CNY, 6.565 billion CNY, and 8.079 billion CNY for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 23.25%, 23.10%, and 23.06%. The net profit attributable to the parent company is expected to be 551 million CNY, 679 million CNY, and 860 million CNY for the same years, with growth rates of 28.47%, 23.32%, and 26.64% [18][19].
自有品牌业务表现亮眼，高端化战略布局成效显著