B端复调持续快增，季度盈利波动不改长线价值

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 19.08 CNY based on a 27x PE for 2024 [3][5][12]. Core Views - The company reported a revenue of 2.369 billion CNY for 2023, a year-on-year increase of 16%, and a net profit of 301 million CNY, up 40% year-on-year. However, Q1 2024 saw a revenue of 624 million CNY, also up 16% year-on-year, but a net profit decline of 20% year-on-year due to high base effects from asset disposals and increased minority shareholder profits [1][3][10]. - The company's B-end business continues to grow rapidly, benefiting from strong demand recovery and new product launches, with revenue growth rates of 27.7% for the mixed seasoning solutions and 5.76% for light cooking solutions in Q1 2024 [2][10]. - The report highlights a strong competitive position in the core business, with significant growth potential driven by B-end demand, despite a downward adjustment in profit forecasts for 2024-2025 [3][10]. Financial Summary - For 2023, the company achieved a revenue of 2,369 million CNY, with a growth rate of 16%. The net profit was 301 million CNY, reflecting a 40% increase. The forecast for 2024 and 2025 net profits is 283 million CNY and 336 million CNY, respectively, indicating a year-on-year decrease of 6% for 2024, followed by growth of 19% in 2025 [4][11]. - The company's sales gross margin for 2023 was 33.14%, a decrease of 1.43 percentage points year-on-year, primarily due to a higher proportion of lower-margin business [11][14]. - The report provides detailed financial projections, including expected revenues of 2,775 million CNY in 2024 and 3,226 million CNY in 2025, with corresponding net profits of 283 million CNY and 336 million CNY [4][14].