宝立食品：C端有望反转，B端弹性较足

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 18.2 yuan [1]. Core Insights - The C-end is expected to recover with double-digit growth, driven by operational efficiency improvements and strategic adjustments. The company is focusing on specific customer segments such as urban mothers and white-collar workers, enhancing its product offerings and marketing strategies [1]. - The B-end shows stable improvement, with core customers providing growth momentum. The company is strengthening partnerships with major clients and adapting to the new retail landscape [1]. - Profit pressure has been alleviated, and with the acceleration of new product launches and operational efficiency, profitability is expected to improve moderately [1]. Financial Summary - Total revenue for 2023 is projected at 2,369 million yuan, with a year-on-year growth of 16.3%. Revenue is expected to reach 2,594 million yuan in 2024, reflecting a growth rate of 9.5% [1][9]. - The net profit attributable to the parent company for 2023 is estimated at 301 million yuan, with a significant year-on-year increase of 39.8%. However, a decline of 21.1% is anticipated in 2024 [1][9]. - Earnings per share (EPS) for 2023 is projected at 0.75 yuan, with forecasts of 0.59 yuan, 0.73 yuan, and 0.87 yuan for 2024, 2025, and 2026 respectively [1][9]. Market Position - The company is enhancing its market presence through increased coverage in offline channels, with expectations of over 50% growth in contributions from these channels, raising their revenue share from over 10% to 20% [1]. - The company is also diversifying its product range, including high-end and mid-range offerings, to cater to different market segments [1]. Future Outlook - The report suggests that if the restaurant sector recovers, it could provide additional elasticity for the company's growth. The company is well-positioned to benefit from potential improvements in downstream demand due to its strong supply chain and R&D capabilities [1].