Investment Rating - The report maintains a "Buy" rating for the company [22]. Core Insights - The company has developed a comprehensive channel coverage, starting from the B-end business and gradually expanding into the C-end market, forming a multi-dimensional and all-encompassing channel strategy. The B-end and C-end businesses are expected to drive each other’s growth, leveraging the company's expertise in product development, production optimization, and marketing solutions [20][21]. Summary by Sections Importance of Channel Diversification - The diversification of channels is crucial as it helps mitigate risks associated with demand or supply fluctuations. The B-end market has been growing rapidly, while the C-end market remains stable. A healthy channel structure enhances the company's ability to withstand external operational risks [18][29]. B-End Development and Channel Diversification - The company has successfully established a B-end business model that focuses on customized products, which are essential for maintaining strong customer relationships. The B-end market is characterized by a growing demand for semi-finished food products, presenting new opportunities for development [19][33]. C-End Market Entry - The company has launched two new brands in the C-end market, targeting the younger generation and adapting traditional cuisine to modern trends. The C-end business is still in its early stages, and its contribution to overall performance is not yet significant [20][21]. Future Outlook - The company is expected to achieve net profits of 130 million, 200 million, and 239 million yuan for the years 2023, 2024, and 2025, respectively. The corresponding earnings per share (EPS) are projected to be 1.51, 2.01, and 2.41 yuan, indicating a positive growth trajectory [21].
千味央厨系列深度之渠道篇：多元渠道注入强劲生命力