首次覆盖报告：洞察客需，擅长出新

Investment Rating - The report gives an "Accumulate" rating for the company [7]. Core Viewpoints - The company focuses on brand building and enhancing brand visibility through collaborations with top celebrities and media, achieving over 5.5 billion brand touches in 2020 [1]. - The company has a comprehensive channel strategy, emphasizing both B2B and B2C channels, with a significant focus on enhancing the capabilities of its distributors [2][4]. - The company has seen a steady increase in the number of distributors, reaching 3,285 by Q3 2023, although this represents a slight decline from the previous year due to a focus on optimizing distributor performance [3][4]. - The company’s revenue from customized seasoning products has shown significant growth, with a 23.25% year-on-year increase in Q1-Q3 2023 [28]. - The company’s gross margin and net margin have improved, with Q1-Q3 2023 gross margin at 36.89% and net margin at 14.31%, reflecting effective cost management [59]. Summary by Sections Brand Strategy - The company has engaged in high-profile collaborations to enhance brand recognition, including partnerships with celebrities and media outlets, resulting in substantial brand exposure [1]. Distribution Channels - The company employs a dual-channel strategy, focusing on both B2B and B2C, with a strong emphasis on enhancing distributor capabilities and expanding its market reach [2][4]. - The number of distributors has increased significantly since the company's listing, although recent adjustments have led to a slight reduction in distributor count to focus on performance [3]. Financial Performance - The company forecasts a net profit of approximately 4.48 billion yuan for 2023, reflecting a growth rate of 31.17% [19]. - The revenue from the company's main products, including hot pot base and Chinese cuisine seasonings, accounted for 88.49% of total revenue in 2022, with steady growth observed [20]. Market Position - The company holds a strong position in the hot pot seasoning market, with its brands "Good People" and "Big Red Robe" collectively capturing a significant market share [72]. - The customized seasoning segment is rapidly growing, driven by increasing demand from the restaurant industry, with a notable rise in the number of clients served [28].