改革焕新，蓄力向上

Investment Rating - The report gives the company a "Buy" rating, indicating an expected stock price increase of more than 15% relative to the relevant market index [69] Core Views - The company has successfully implemented a system reform, upgrading its products, channels, and supply chain, which has significantly enhanced its competitive advantages [89] - The company's revenue and profit have shown a growth trend, with a 20.22% year-on-year increase in revenue in 2023, reaching 3.499 billion yuan [100] - The company's frozen baked goods business accounts for 60% of its revenue, with a compound annual growth rate (CAGR) of 35.42% over the past six years, leading all product categories [104] Product Development - The company has a strong R&D capability, with a 4.2% R&D expense ratio in 2023, higher than its peers [26] - The company has a flexible R&D mechanism, with over 50 product groups focusing on detailed product categories, which has improved the quality and speed of product innovation [28] - The company has launched several successful products, including tart shells, donuts, and mochi, with some products achieving sales of over 100 million yuan [4] Channel Strategy - The company has optimized its dealer management system, increasing the average size of individual dealers from 460,000 yuan in 2017 to 780,000 yuan in 2019 [17] - The company has integrated its sales teams, improving efficiency and achieving a 10% increase in average salesperson productivity [21] - The company has successfully expanded its large B2B customer base, with Walmart contributing 27% of its revenue in 2023 [10] Supply Chain and Capacity - The company has established five major production bases nationwide, with a total planned capacity of 440,000 tons by 2027 [34] - The company has improved its supply chain efficiency through digital transformation, including the implementation of a supply chain management system and a cold chain logistics platform [24] - The company's logistics costs are higher than its peers, with a logistics expense ratio of 8.01% in 2023, compared to 3.15% for its competitor Anjoy Foods [63] Industry Overview - The company is a leader in the frozen baked goods industry, with a market share of 15.5% in 2021, ranking first in the industry [82] - The frozen baked goods market in China has been growing rapidly, with the company well-positioned to benefit from this trend [96] Financial Performance - The company's revenue is expected to grow to 4.097 billion yuan in 2024, with a year-on-year increase of 17.09% [68] - The company's net profit attributable to the parent company is expected to reach 287 million yuan in 2024, a year-on-year increase of 292.92% [68] - The company's gross margin is expected to improve, reaching 32.62% in 2024, up from 31.39% in 2023 [68]