B端贡献高增长，激励目标有望达成

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company achieved a revenue of 3.149 billion RMB in 2023, representing a year-on-year growth of 17.02%. The net profit attributable to shareholders was 457 million RMB, up 33.65% year-on-year [2] - The company announced an employee stock ownership plan for 2024, with performance targets based on revenue growth rates of no less than 10% and 26.5% for 2024 and 2025, respectively [2] - The report highlights the company's strong performance in the e-commerce channel, which saw a sales increase of 93% year-on-year, contributing 200 million RMB to the overall revenue [2] Summary by Sections Performance Overview - In Q4 2023, the company reported a revenue of 915 million RMB, a 16.95% increase year-on-year, and a net profit of 136 million RMB, which is a 39.90% increase year-on-year [2] - The company’s gross margin improved to 37.9% for the year and 40.3% for Q4, reflecting a year-on-year increase of 3.6 percentage points and 2.2 percentage points, respectively [2] Business Analysis - The report notes a mixed performance across product categories, with hot pot condiments and Chinese-style seasonings showing varied growth rates [2] - The company is focusing on product innovation and expanding its distribution channels to meet the diversified consumer demand [2] Financial Forecast and Valuation - The projected net profits for 2024, 2025, and 2026 are 550 million RMB, 652 million RMB, and 767 million RMB, respectively, with year-on-year growth rates of 20.53%, 18.36%, and 17.70% [2] - The report estimates the price-to-earnings (P/E) ratios for the next three years to be 24x, 20x, and 17x, respectively [2]