营收规模再创新高，疆外占比持续攀升

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price range of 9.06-11.32 yuan for 2024, based on a PE multiple of 16-20x [1][13] Core Views - The company achieved a total operating revenue of 2.714 billion yuan in 2023, a YoY increase of 12.6%, while net profit attributable to the parent company declined by 27.7% to 142 million yuan, mainly due to the consolidation of Xinong Dairy [1] - Excluding the impact of Xinong Dairy, the adjusted net profit attributable to the parent company increased by 8.7% YoY to 237 million yuan [1] - The company's room-temperature dairy business maintained steady growth, with revenue increasing by 18.7% YoY in 2023, while the low-temperature dairy business grew by 7.6% YoY [1] - The company actively expanded its presence in markets outside Xinjiang, with revenue from these regions increasing by 20.8% YoY in 2023, accounting for 46.3% of total revenue [1] Financial Performance - The company's gross margin improved slightly by 1.23 percentage points to 19.1% in 2023, benefiting from lower raw milk prices and product structure optimization [1] - The net profit margin attributable to the parent company declined by 2.92 percentage points to 5.2% in 2023, mainly due to increased operating expenses and non-operating losses [1] - The company's EPS for 2023 was 0.44 yuan, and it is expected to increase to 0.57, 0.64, and 0.70 yuan in 2024, 2025, and 2026, respectively [2][16] Business Development - The company launched over 70 new products in 2023, including zero-sugar yogurt, sea buckthorn milk beer, and apricot yogurt, to consolidate its competitive advantage [1] - Xinong Dairy, which was acquired by the company, has gradually entered a stable operational phase after organizational restructuring and process standardization [1] Market Expansion - The company achieved full coverage of county-level markets in Xinjiang, with revenue from the region increasing by 6.0% YoY in 2023 [1] - The number of distributors increased by 52 to 930 in Q4 2023, with 46 new distributors added outside Xinjiang [1]