研报掘金丨国盛证券：首予宝立食品“买入”评级，BC端携手共赢，市场地位领先

Core Viewpoint - Baoli Food is positioned as a market leader in the B-end sector, with stable demand driven by the expansion of core customer stores and partnerships with major companies like Yum China, McDonald's, and Heytea [1] Group 1: B-end Business Development - The expansion of core customer stores in the B-end is expected to bring stable demand [1] - Baoli Food is continuously expanding its partnerships beyond Yum China, collaborating closely with McDonald's and Heytea [1] Group 2: C-end Product and Brand Strategy - The introduction of new products under the "Kongke" brand, along with effective online brand promotion and offline channel expansion, is contributing to incremental growth [1] Group 3: Long-term Growth Potential - The company is expected to benefit from dual advantages of increased industry penetration and restaurant recovery, leveraging its B-end partnerships and C-end brand strengths for sustained growth [1] - Baoli Food's strategy includes external mergers and acquisitions to further expand its scale and solidify its industry position [1] Group 4: Financial Projections - Projected net profits attributable to the parent company for 2025-2027 are estimated at 262 million, 300 million, and 343 million yuan, with year-on-year growth rates of +12.44%, +14.30%, and +14.46% respectively [1] - Given its leading position in the industry and stable business growth, the company is rated as a "buy" for initial coverage [1]