23年B端营收实现高增，整体业绩符合预期

Investment Rating - The report maintains a "Buy-B" rating for the company, indicating a positive outlook for its stock performance [1][8]. Core Insights - The company achieved a revenue of 3.149 billion yuan in 2023, representing a year-on-year growth of 17.0%, with a net profit of 457 million yuan, up 33.7% year-on-year [2][4]. - The fourth quarter of 2023 saw a revenue of 915 million yuan, a 16.95% increase year-on-year, and a net profit of 136 million yuan, growing by 39.9% year-on-year [2][4]. - The company plans to implement an employee stock ownership plan in 2024, targeting revenue growth of no less than 10.0% and 26.5% for 2024 and 2025, respectively [2][4]. Financial Performance - The gross margin improved to 37.9% in 2023, up 3.7 percentage points year-on-year, driven by lower raw material costs and product structure upgrades [1][4]. - The net profit margin for 2023 was 14.5%, an increase of 1.8 percentage points year-on-year [1][4]. - The company expects continued improvement in profitability in 2024 due to favorable raw material costs and reduced equity incentive expenses [1][4]. Revenue Breakdown - In 2023, the main business revenue grew approximately 12.3%, with contributions from the newly consolidated subsidiary, Shicui, amounting to about 130 million yuan [4]. - Revenue by product category in 2023 included hot pot base (1.222 billion yuan), Chinese cuisine condiments (1.519 billion yuan), sausage and cured meat condiments (296 million yuan), chicken essence (47 million yuan), and spicy sauce (37 million yuan) [4]. - The company’s distribution channels saw revenue from distributors, customized meal condiments, and e-commerce channels of 2.356 billion yuan, 319 million yuan, and 393 million yuan, respectively, with significant growth in customized meal condiments and e-commerce [4]. Future Outlook - The company aims to enhance its product and channel strategies, focusing on a large product matrix and expanding its small B-end business [5][7]. - Revenue projections for 2024-2026 are 3.626 billion yuan, 4.138 billion yuan, and 4.712 billion yuan, with expected growth rates of 15.2%, 14.1%, and 13.9%, respectively [8]. - The net profit forecasts for the same period are 560 million yuan, 674 million yuan, and 795 million yuan, with growth rates of 22.6%, 20.3%, and 18.1% [8].