菜调引领增长，做激励、提分红凝聚发展势能

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the market benchmark within the next six months [7][24]. Core Insights - The company's profitability has significantly improved due to business structure upgrades and raw material price improvements, with a gross margin of 37.88% for the year 2023, up 3.66 percentage points year-on-year, and a Q4 gross margin of 40.3%, up 6.32 percentage points year-on-year [1]. - The company achieved a net profit of 457 million yuan in 2023, representing a year-on-year increase of 33.65%, with Q4 net profit reaching 136 million yuan, up 39.9% year-on-year [6]. - The report highlights strong performance in the C-end market and recovery in the B-end market, contributing to growth momentum [1]. Financial Performance Summary - The company reported total revenue of 3.149 billion yuan in 2023, a year-on-year increase of 17.02%, with Q4 revenue of 915 million yuan, up 16.95% year-on-year [6]. - The gross profit margin for 2023 was 37.88%, with a net profit margin of 14.5%, reflecting an increase of 1.81 percentage points year-on-year [1]. - The report projects revenue growth for 2024-2026, with expected revenues of 3.800 billion yuan, 4.482 billion yuan, and 5.187 billion yuan, respectively, indicating growth rates of 21%, 18%, and 16% [22]. Market and Product Insights - The company experienced varied performance across product lines in Q4, with hot pot condiments declining by 6.01%, while Chinese-style condiments and sausage seasonings saw increases of 35.78% and 85.62%, respectively [20]. - The report notes that the company is optimizing its distributor structure, focusing on larger distributors, and has reduced the number of distributors by 249 compared to the previous year [20]. - Regional performance showed strong growth in the Southwest and Central China markets, with revenue increases of 33.58% and 13.49%, respectively [20]. Future Outlook - The report anticipates continued strong performance driven by internal and external growth strategies, with an upward revision of net profit forecasts for 2024-2026 [11]. - The target price for the stock is set at 15.82 yuan per share, based on a 30 times price-to-earnings ratio for 2024 [11][21].