主业延续高增，毛利率短期承压

Investment Rating - The report maintains a "Buy-A" rating for the company with a target price of 19.12 yuan over the next six months, indicating a potential upside from the current price of 15.35 yuan [37]. Core Insights - The company is expected to achieve revenues of 2.7 billion, 3.08 billion, and 3.49 billion yuan for the years 2024, 2025, and 2026 respectively, with net profits projected at 270 million, 320 million, and 380 million yuan for the same years [7]. - The company has secured a core client position in the B-end market, collaborating deeply with leading restaurant chains, while also maintaining a strong online presence in the C-end market [7]. - The gross margin for 2023 was reported at 33.1%, reflecting a year-on-year decrease of 1.4 percentage points, attributed to intensified competition in the B-end and promotional activities in the C-end [28]. Financial Performance - In 2023, the company reported a revenue of 2.369 billion yuan, a year-on-year increase of 16.31%, and a net profit of 301 million yuan, up 39.78% year-on-year [27]. - The company’s revenue for Q4 2023 was 610 million yuan, showing an 8.61% increase year-on-year, while the net profit for the same quarter was 60 million yuan, down 2.98% year-on-year [27]. - The company’s operating income is projected to grow at a rate of 14.2% in 2024, with a net profit growth rate of 18.8% in 2025 [18]. Business Segmentation - The company’s revenue from various segments in 2023 included 1.15 billion yuan from seasoning, 1.02 billion yuan from light cooking, and 140 million yuan from beverage and dessert ingredients, with respective year-on-year growth rates of 29.3%, 1.4%, and 8.3% [35]. - The company’s direct sales and non-direct sales for Q1 2024 were 510 million and 100 million yuan respectively, with year-on-year growth rates of 16.1% and 12.0% [35]. Market Position - The company has maintained its position as the top seller in the online pasta category, achieving sales of over 1 billion yuan during major sales events [35]. - The company has expanded its distributor network, increasing the number of distributors to 387, with significant growth in various regions [35].