Investment Rating - The report maintains a "Buy" rating for the company, citing strong performance and brand upgrades as key reasons [4][9]. Core Insights - The company has shown impressive financial results, with a total revenue of 43.27 billion yuan in 2023, representing a year-on-year increase of 27.36%. The net profit attributable to the parent company reached 4.29 billion yuan, up 60.68% year-on-year [22]. - The company's gross margin for 2023 was 36.84%, an increase of 4.25 percentage points compared to the previous year, while the net margin was 9.95%, up 2.13 percentage points [8][9]. - The self-owned brand business is growing rapidly, with a significant increase in high-end product offerings, which is expected to enhance profitability further [9][10]. Revenue and Profitability - In 2023, the company achieved revenues of 21.66 billion yuan from snacks, 20.87 billion yuan from staple foods, and 0.57 billion yuan from health products, with year-on-year growth rates of 10.86%, 50.35%, and 54.40% respectively [10]. - The self-owned brand business generated 27.45 billion yuan in revenue, a year-on-year increase of 34.15%, while the ODM/OEM business brought in 14.07 billion yuan, up 18.01% [10]. Future Projections - The company forecasts net profits of 6.03 billion yuan, 7.48 billion yuan, and 9.04 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 1.51 yuan, 1.87 yuan, and 2.26 yuan [9][36]. - The report anticipates a continued upward trend in profitability driven by the increasing share of self-owned brands and the expansion of high-end products [9][10]. Market Position and Strategy - The company is actively expanding its online and offline channels, with direct sales channels experiencing a growth rate of 57.02% year-on-year [6]. - The strategic focus on high-end product promotion and leveraging new media platforms for marketing is expected to sustain rapid growth in sales [6][9].
公司简评报告：业绩表现亮眼，自有品牌持续升级