BC 双轮驱动：B 端红利与灯塔效应持续，C 端空刻意面“二向箔”式出击。（1）B 端餐饮客户具有自然黏性，叠加公司B 端产品的定制化属性，铸成餐饮老客户的路径依赖；2019 年我国每百万人肯德基餐厅数量仅为4.7 家、二三线城市渗透率较低，预计百胜中国下沉市场打法创造的新需求将持续产生新红利；借助百胜等大B 的信用背书，公司的灯塔效应显著、中小B 客户数量曲线一阶导为正。（2）C 端空刻意面以口味与安全实力“二向箔”式打击互联网速食意面企业，以本土化、渠道和营销相对优势打击传统意面制造商。公司以意面为载体，将2B 优势全然发挥之于2C 端、构建西式轻烹领域的强大护城河。The company has been deeply involved in remodelling for more than 20 years and is a leading provider of customized flavor and product solutions.
The company was founded in 2001 and has been deeply involved in the field of compound seasonings for many years. In addition to compound seasonings, the company's products also include light cooking solutions such as light cooking sauce packs, light cooking soup packs, and various beverage and dessert ingredients such as jam and popcorn. Since the public data was available in 2018, the company's operating income and net profit to the mother have both increased, and the operating income has grown from 0.711 billion yuan to 2.369 billion yuan in 2023. The compound annual growth of 27.3%. The retouching business has grown steadily, and the light cooking business has flourished to drive the company to move into new fields. Style development.
High quality racetrack: Western-style polymorphism enhances the head effect, and the time is right to enjoy the blue ocean. (1) The penetration rate of compound seasonings continues to increase, and there is plenty of room to replace basic seasonings. Compound seasonings account for 34.57% of seasonings, and there is still plenty of room compared to Japan's compound consumption expenditure, which has already exceeded 65%. Among them, due to strong standardization, the competitive pattern is more concentrated. The company has been deeply involved in Western-style polymorphism for more than 20 years and has first-mover advantages and localization advantages. It is expected that its relative competitive advantage will continue to deepen. (2) The light cooking industry is in a period of transition between old and new kinetic energy. Competition for traditional convenience foods is fierce, production continues to decline, new consumer categories are competing, and sales are soaring. Among them, the penetration rate of fast food pasta is low, the unit price is high, and the price continues to increase. The main participants include empty pasta, Baiweilai, and rooster. With its strong competitive advantage, empty pasta occupies a leading position.
BC two-wheel drive: B-side dividends and lighthouse effects continue, and C-end empty pasta “two-way foil” attack. (1) B-side catering customers have natural stickiness, superimposing the customized attributes of the company's B-side products to create the path dependency of old catering customers; in 2019, the number of KFC restaurants per million people in China was only 4.7, and the penetration rate of second- and third-tier cities was low. It is expected that the new demand created by Yum's sinking market style will continue to generate new dividends; with the credit endorsements of big B's such as Baisheng, the company's lighthouse effect is remarkable. The curve for the number of small to medium B customers is positive one step. (2) C-end empty pasta attacks Internet fast food pasta companies with a “two-way foil” style of taste and safety, and attacks traditional pasta manufacturers with comparative advantages in localization, channels, and marketing. Using pasta as the carrier, the company fully exploited the 2B advantage on the 2C side and built a powerful moat in the field of Western light cuisine.
Investment suggestions and ratings: The company is gradually shifting from a catering supply chain enterprise to a food supply chain enterprise, and plans to enter cooked food and bakery products through member supermarkets, convenience stores, etc., to further open up the ceiling of B-side business. The C-side will also continue to rely on excellent R&D capabilities to promote innovation, broaden the range of categories and consumption scenarios. At the same time, subsidiary companies will transfer partner shares, and core backbone subscribes to company shares to strengthen team cohesion and show their own confidence, and subsequent business is expected to return to a reasonable growth rate.
EPS is expected to be 0.59, 0.69, 0.82 yuan in 2024-2026, and the corresponding PE is 26X, 22X, and 19X, respectively. First coverage, giving a “buy” rating.
Risk warning: food quality and safety risks, technical risks, business risks