Investment Rating - The investment rating for the company is "Buy" with a current price of 48.75 CNY and a reasonable value of 52 CNY [2]. Core Insights - The company is recognized as a leading player in the food supply sector, leveraging its strong ties with major restaurant chains like Yum China, Wallace, and Haidilao to develop a diverse product range including fried, baked, steamed, and cooked dishes [2][34]. - The company has successfully established a customized service model for large B-end clients, enhancing its competitive advantage through integrated product development, quality control, and flexible production [2][59]. - The company is positioned to benefit from the recovery of the restaurant industry, with significant growth potential in both large B and small B markets [2][77]. Summary by Sections Company Overview - The company is described as a "small but beautiful" leader in the food supply industry, with deep roots in the restaurant sector and a focus on customized services for large clients [6][34]. Large B Market - The large B market serves as a stable growth foundation for the company, with significant room for expansion. The company has built strong channel barriers and established deep partnerships with major restaurant chains [6][44]. - The revenue from large B clients has been steadily increasing, with a focus on high-potential clients and a growing number of partnerships [6][44]. Small B Market - The small B market presents high growth potential, with the company leveraging its capabilities to assist small B clients in product development and market penetration [6][59]. - The company has a strategic focus on resource allocation and deep integration with suppliers to enhance its competitive edge in the small B market [6][59]. Financial Forecast and Valuation - The company is projected to achieve revenues of 19.0 billion CNY in 2023, 23.4 billion CNY in 2024, and 28.1 billion CNY in 2025, with corresponding net profits of 1.4 billion CNY, 2.1 billion CNY, and 2.6 billion CNY [4][77]. - The estimated PE ratios for the company are 35, 23, and 19 for the years 2023, 2024, and 2025 respectively, with a target valuation of 52 CNY per share based on a 25x PE for 2024 [4][77].
创新发展差异化，细分品类大未来