餐饮渠道增速亮眼，期待弹性释放

Investment Rating - The investment rating for the company is "Accumulate - A" with a target price of 25.73 CNY for the next six months [30]. Core Views - The company reported a revenue of 359.5 million CNY in 2023, representing a year-on-year increase of 16.49%, and a net profit of 56.4 million CNY, up 10.52% year-on-year [1][21]. - The company is expected to achieve revenues of 430 million CNY, 530 million CNY, and 634.8 million CNY for the years 2024, 2025, and 2026 respectively, with net profits projected at 70 million CNY, 90 million CNY, and 116.4 million CNY [21][23]. - The company has seen significant recovery in the restaurant channel, with a year-on-year growth of 40%, and continues to expand its market presence [20][21]. Financial Performance - In Q4 2023, the company achieved a revenue of 94 million CNY, a year-on-year increase of 24.11%, and a net profit of 15 million CNY, up 54.90% year-on-year [1]. - The gross profit margin for 2023 was 38.8%, a decrease of 0.6 percentage points compared to the previous year, primarily due to changes in product mix and new product impacts [29]. - The company has maintained a stable profitability with a net profit margin of 15.7% for 2023, down 0.8 percentage points year-on-year [29]. Product and Channel Analysis - Revenue from sauce seasonings, powder seasonings, and food additives in 2023 was 270 million CNY, 90 million CNY, and 3 million CNY respectively, with year-on-year growth rates of 16.3%, 18.3%, and a decline of 26.9% [8]. - The company has expanded its distribution network, adding 9 new distributors, bringing the total to 109 [8]. - The company is focusing on developing ready-to-eat products suitable for the restaurant sector, aiming to establish a second growth curve [21].