复调景气持续，静待C端弹性

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 16.69 CNY per share based on a 25x PE valuation for 2024 [8][36]. Core Insights - The company achieved a revenue of 2.369 billion CNY in 2023, representing a year-on-year growth of 16.31%, and a net profit of 301 million CNY, up 39.78% year-on-year [6][12]. - The compound seasoning business is expected to maintain high growth, with projected revenue growth rates of 25%, 20%, and 18% for 2024-2026, although profit margins may slightly decline [3][18]. - The beverage and dessert ingredient segment is anticipated to grow steadily, with revenue growth rates of 5%, 4%, and 3% for the same period [4][18]. Revenue Breakdown - In 2023, the company’s revenue from compound seasoning, light cooking solutions, and beverage/dessert ingredients was 1.145 billion CNY, 1.024 billion CNY, and 143 million CNY, respectively, with year-on-year growth rates of 28.92%, 1.39%, and 8.28% [12][18]. - For Q1 2024, the revenue from these segments was 304 million CNY, 267 million CNY, and 35 million CNY, showing year-on-year growth of 27.70%, 5.76%, and 0.56% [12][18]. Profitability Forecast - The company’s net profit is projected to be 267 million CNY in 2024, with a decline of 11.3% year-on-year, followed by growth in subsequent years [18][21]. - The overall gross margin is expected to decrease from 32.5% in 2023 to 31.0% in 2024, reflecting the impact of high-margin C-end products' declining share [12][18]. Financial Metrics - The company’s revenue is forecasted to reach 2.727 billion CNY in 2024, with a growth rate of 15.1%, and further growth rates of 12.5% and 9.9% in 2025 and 2026, respectively [18][21]. - The projected PE ratios for 2024, 2025, and 2026 are 23, 19, and 17, respectively [7][18].