宝立食品：定制化复合调味品龙头，持续扩品拓宽成长边界

Investment Rating - The report gives an "Outperform the Market" rating for the company [23]. Core Viewpoints - The company has established itself as a leading provider of customized compound seasonings and is expanding into the fast food sector with its "Kongke" instant noodles, which have become a significant growth driver. The dual growth strategy focuses on both B-end (business) and C-end (consumer) markets, leveraging its strong R&D capabilities and established relationships with major clients like Yum China [23][9]. Company Overview - The company, founded in 2001, specializes in customized compound seasonings and has built long-term partnerships with renowned food chains such as KFC, Pizza Hut, and McDonald's. It has diversified its offerings to include light cooking solutions and dessert ingredients, with a notable acquisition of Kitchen Afun in 2021, which has accelerated its growth in the instant food segment [9][64]. Business Structure - The company's revenue is primarily derived from three categories: compound seasonings, light cooking solutions, and dessert beverage ingredients. In 2023, the revenue from compound seasonings was 1.145 billion yuan, accounting for 49.5% of total revenue, while light cooking solutions contributed 1.024 billion yuan, representing 44.3% [44][65]. Industry Analysis - The compound seasoning market is expected to grow significantly, with a projected market size exceeding 300 billion yuan by 2027. The demand for standardized flavors and cost efficiency in the restaurant industry is driving this growth, as more businesses seek to streamline operations and reduce labor costs [81][78]. Growth Analysis - The company is experiencing a dual growth trajectory, with B-end business benefiting from established relationships and expanding client base, while the C-end is focused on product innovation and channel expansion. The "Kongke" instant noodles have emerged as a market leader, with plans to increase offline presence in over 7,000 stores by 2023 [23][90]. Profitability Forecast - The company forecasts revenues of 2.745 billion yuan in 2024, 3.167 billion yuan in 2025, and 3.637 billion yuan in 2026, with corresponding net profits of 282 million yuan, 328 million yuan, and 381 million yuan. The expected growth rates are 15.9%, 15.4%, and 14.8% respectively [32][23].