Core Viewpoint - Company reported a low double-digit revenue growth in Q1 2025, with net profit reaching 602 million yuan, a year-on-year increase of 32%, exceeding market expectations due to improved beverage gross margins and better-than-expected cost reductions [1] Group 1: Revenue Performance - Q1 2025 revenue grew low double digits, with both beverage and food segments showing strong growth [2] - Beverage revenue is expected to grow low double digits, driven by strong performance in red and green tea, Hai Zhi Yan, and ice sugar pear drinks, benefiting from industry growth and increased investment in ice cabinets [2] - Food revenue is anticipated to grow in the high single digits, with products like Qie Huang and red-braised beef noodles achieving double-digit growth [2] Group 2: Profitability and Margins - Gross margin is expected to improve by approximately 0.5 percentage points in Q1 2025, with beverage gross margin increasing by about 2 percentage points due to lower costs of PET and sugar [3] - Sales expense ratio is projected to decrease by around 0.5 percentage points, attributed to reduced expenditure and improved efficiency [3] - The increase in beverage operating profit margin (OPM) is expected to significantly boost overall net profit due to the beverage segment accounting for about 90% of total revenue [3] Group 3: Outlook and Growth Potential - The company is optimistic about maintaining strong growth throughout 2025, supported by increased travel and successful product upgrades [4] - The beverage segment is expected to continue its strong growth trajectory, with improved profit margins anticipated due to favorable cost conditions and increased production efficiency [4] - The long-term outlook for the beverage industry remains positive, with expectations of improved profit margins driven by enhanced competitive dynamics among leading companies [4]

Group 1 - Non-alcoholic beverage stocks in Hong Kong are experiencing strong fluctuations, with notable gains in several companies [1] - Cha Bai Dao (02555.HK) has surged over 13%, indicating significant investor interest [1] - Other companies such as Gu Ming (01364.HK) and Nongfu Spring (09633.HK) have also seen increases of 2.7% and 2.5% respectively, reflecting a positive trend in the sector [1] Group 2 - China Resources Beverage (02460.HK) and Uni-President China (00220.HK) both rose by over 1%, contributing to the overall strength of the non-alcoholic beverage market [1]

Financial Performance - Revenue for the year ended December 31, 2024, reached RMB 30,331,512, an increase of 6.1% from RMB 28,591,271 in 2023[12]. - Gross profit for 2024 was RMB 9,869,668, reflecting a growth of 13.2% compared to RMB 8,711,731 in 2023[12]. - Profit before income tax increased to RMB 2,483,774, up 10.9% from RMB 2,239,924 in the previous year[12]. - The profit for the year attributable to equity holders of the Company was RMB 1,849,119, representing a 10.9% increase from RMB 1,667,060 in 2023[12]. - Basic earnings per share rose to 42.81 RMB cents, a 10.4% increase from 38.60 RMB cents in 2023[12]. - Total assets as of December 31, 2024, amounted to RMB 23,376,234, up from RMB 22,134,218 in 2023[12]. - Total liabilities increased to RMB 9,977,124, compared to RMB 8,751,841 in the previous year[12]. - In 2024, the Group's revenue reached RMB30,331.5 million, representing an increase of 6.1% year-on-year, while post-tax profits amounted to RMB1,849.1 million, reflecting a growth of 10.9% compared to the previous year[17][19]. - The Group recorded a revenue of RMB30,331.5 million for the year ended December 31, 2024, representing a 6.1% increase from RMB 28,591.3 million in 2023[171]. - Profit attributable to equity holders was RMB 1,849.1 million, up 10.9% from RMB 1,667.1 million in 2023[175]. Revenue Growth - The Group achieved a compound annual growth rate of 7.4% in revenue since 2020, with beverage revenue growing at a compound annual growth rate of 11.3%[14]. - The food business achieved a revenue of RMB9,998.2 million in 2024, reflecting a growth of 1.5% year-on-year[40]. - The instant noodles business generated revenue of RMB9,848.5 million in 2024, marking a 2.6% increase from the previous year[41]. - The beverages business recorded a revenue of RMB19,240.6 million in 2024, representing an increase of 8.2% over last year[66]. - The tea drinks business achieved a revenue of RMB8,574.9 million in 2024, reflecting a growth of 13.1% compared to the previous year[67]. - The Group's juice business generated revenue of RMB3,604.7 million in 2024, reflecting a growth of 5.9% compared to the previous year[93]. - The milk tea business generated revenue of RMB6,403.7 million in 2024, representing a 1.6% increase from the previous year[116]. - The original milk tea product line demonstrated steady growth across various specifications, showcasing strong market competitiveness[121]. Product Innovation and Development - The product "Uni Stewed Beef Flavoured Noodles" underwent a comprehensive upgrade, focusing on innovation and product strength, contributing to the Group's performance[19]. - "The King of Tomato" has recorded a compound annual growth rate of over 100% in revenue since 2020, reinforcing its brand positioning as a pioneer in tomato delicacies[19]. - The "Soup Daren" brand underwent a comprehensive upgrade for the first time in 16 years, launching new products and innovative packaging technology in 2024[43]. - The "Uni-President Braised Beef Noodles" brand focused on product innovation and collaborated with the "China University Advertising Art Festival" to enhance brand recognition and drive revenue growth[49]. - The "Danggui Huadiao Chicken Noodle" utilizes non-fried technology and has applied for 4 patents related to formulation and processes, aiming to replicate the texture of freshly boiled noodles[156]. - The "Uni Green Tea" product line focuses on high mountain green tea and micro-fermentation technology, achieving improvements in aroma and extraction efficiency while being sugar-free[152]. - The "Haizhiyan" isotonic drink received positive consumer feedback, indicating growing recognition of its taste and concept since its launch in April 2024[153]. Marketing and Brand Strategy - The Group's marketing strategy focuses on value-based marketing, enhancing brand awareness and customer loyalty to accumulate brand assets for future growth[38]. - The company aims to meet the core needs of consumers by innovating product strength and expanding both offline and online channels[35]. - The "Uni Green Tea" has been actively engaging young consumers, particularly delivery riders and blue-collar workers, through the "Send coolness to delivery riders" campaign for five consecutive years[73]. - "Spring Breeze Green Tea" has strengthened brand recognition by sponsoring popular comedy shows and collaborating with the sports platform "Keep" for health-focused events[74]. - The "Uni Orangeate" brand is enhancing its market presence by optimizing gift box packaging and leveraging social media for promotion, particularly in lower-tier cities[96]. Operational Efficiency and Risk Management - The management emphasizes the importance of risk management and organizational resilience in navigating market challenges[14]. - The market price of food and beverage raw materials remained volatile in 2024, influenced by geopolitical tensions and inflation, prompting the Group to enhance its risk management capabilities[31]. - The Group aims to enhance operational efficiency by reviewing and improving turnover days, which could lead to increased revenue and profit[197]. - Financial management policies are designed to minimize the impact of interest rate and exchange rate fluctuations on the Group's financial position[200]. - The Group has implemented automated systems to significantly improve capital utilization efficiency and processing efficiency[198]. Corporate Social Responsibility and Sustainability - The Group emphasizes sustainable development and social responsibility, integrating these principles into its overall business strategy[34]. - The Group is committed to creating value for the community while pursuing performance growth, as outlined in its corporate social responsibility initiatives[36]. - The introduction of zero trans fatty acids in all product lines aims to enhance consumer trust and promote healthier choices[146]. - The Company is committed to sustainable development by continuously optimizing R&D project management and focusing resources on key product innovations[141].

Investment Rating - The report maintains an "Outperform" rating for the company [1][5][15] Core Views - The company reported a revenue of 30.33 billion RMB for 2024, reflecting a year-on-year growth of 6.1%, and a net profit of 1.849 billion RMB, up 11% year-on-year. The performance aligns with expectations [5][6] - The company plans to distribute a final cash dividend of 0.43 RMB per share, totaling approximately 1.849 billion RMB, with a payout ratio of about 100% [5][6] - The report slightly adjusts the profit forecasts for 2025-2026 due to uncertainties in commodity prices and competitive pressures, while introducing a forecast for 2027 [5][6] - The company is expected to achieve net profits of 2.07 billion RMB, 2.28 billion RMB, and 2.50 billion RMB for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 12%, 10%, and 9% [5][6] Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2023: 28.591 billion RMB - 2024: 30.332 billion RMB - 2025E: 32.353 billion RMB - 2026E: 34.186 billion RMB - 2027E: 35.964 billion RMB - Net profit projections are: - 2023: 1.667 billion RMB - 2024: 1.849 billion RMB - 2025E: 2.070 billion RMB - 2026E: 2.283 billion RMB - 2027E: 2.497 billion RMB - The earnings per share (EPS) are projected to be 0.39 RMB, 0.43 RMB, 0.48 RMB, 0.53 RMB, and 0.58 RMB for the years 2023 to 2027 respectively [2][6] Market Data - As of April 11, 2025, the closing price of the company's stock is 8.89 HKD, with a market capitalization of 38.399 billion HKD [3][4] - The stock has a 52-week high of 9.43 HKD and a low of 5.62 HKD [3][4] Business Performance - The company's food and beverage segments reported revenues of 99.98 billion RMB and 192.4 billion RMB respectively for 2024, with year-on-year growth rates of 1.5% and 8.2% [5] - The beverage segment's growth is attributed to the expansion of product categories and improved market presence, with specific products like green tea and fruit juice showing double-digit growth [5]

Financial Performance - The company's revenue for 2024 reached RMB 30,331.5 million, an increase of 6.1% compared to the previous year[5]. - The net profit attributable to equity holders of the company was RMB 1,849.1 million, reflecting a growth of 10.9% year-on-year[5]. - The gross profit margin improved to 32.5%, up by 2.0 percentage points from the previous year[4]. - The compound annual growth rate (CAGR) of revenue since 2020 is 7.4%, with the beverage segment achieving a CAGR of 11.3%[4]. - Total revenue for the group reached RMB 30,331,512 thousand in 2024, an increase from RMB 28,015,176 thousand in 2023, representing a growth of approximately 8.2%[30]. - The group's net profit for the year was RMB 1,849,119 thousand, compared to RMB 1,500,000 thousand in the previous year, reflecting a year-on-year increase of approximately 23.2%[30]. - The company's profit before tax for 2024 was RMB 2,483,774 thousand, an increase of 10.9% compared to RMB 2,239,924 thousand in 2023[49]. - The income tax expense for 2024 was RMB 634,655 thousand, up from RMB 572,864 thousand in 2023, reflecting a tax rate of approximately 25.6%[49]. - Basic earnings per share for 2024 were RMB 42.81, compared to RMB 38.60 in 2023, representing an increase of 5.8%[54]. - The proposed final dividend for 2024 is RMB 0.4281 per share, totaling approximately RMB 1,849.1 million in dividends[6]. Revenue Breakdown - The beverage segment generated revenue of RMB 19,240,555 thousand, while the food segment contributed RMB 9,998,240 thousand, indicating strong performance in both categories[30]. - The food business generated revenue of RMB 9,998.2 million in 2024, reflecting a 1.5% growth year-over-year[65]. - The instant noodle segment reported revenue of RMB 9,848.5 million, marking a 2.6% increase from the previous year[66]. - The beverage business recorded revenue of RMB 19,240.6 million in 2024, an increase of 8.2% compared to the previous year[72]. - The tea beverage segment achieved revenue of RMB 8,574.9 million in 2024, reflecting a growth of 13.1% year-on-year, demonstrating strong market resilience[73]. - The juice segment generated revenue of RMB 3,604.7 million in 2024, marking a growth of 5.9% from the previous year, with a strategy focused on expanding into dining and gifting scenarios[80]. - The revenue for "Unified Assam Milk Tea" reached RMB 6,403.7 million in 2024, reflecting a 1.6% increase from the previous year, driven by strong brand influence and market expansion[84]. Assets and Liabilities - The total assets of the company as of December 31, 2024, amounted to RMB 23,376.2 million, an increase from RMB 22,134.2 million in 2023[13]. - Total liabilities increased to RMB 9,977,124 thousand in 2024 from RMB 8,751,841 thousand in 2023, marking a rise of about 14%[30]. - The group's total assets amounted to RMB 23,376,234 thousand, up from RMB 22,134,218 thousand in 2023, indicating a growth of approximately 5.6%[30]. - The group's liabilities totaled RMB 8,751,841 thousand, with significant liabilities related to deferred tax and current tax obligations[33]. - Contract liabilities increased to RMB 3,776,619 thousand in 2024 from RMB 2,823,147 thousand in 2023, primarily due to higher cash advances received from distributors[38]. Operational Efficiency and Strategy - The company continues to focus on digital transformation and multi-channel management to enhance market penetration and operational efficiency[5]. - The company aims to strengthen its operational systems and human resource development to provide safe, quality, and innovative products[7]. - The company is actively monitoring external risks such as geopolitical tensions and inflation, aiming to optimize resource utilization and enhance risk management capabilities[60]. - The company has established a food safety management system, with 25 subsidiaries certified under ISO 22000 and 1 under FSSC 22000, ensuring compliance with food safety regulations[101]. - The company collaborates with professional beverage manufacturers to maintain flexible production capacity, balancing supply chain risks and operational efficiency[103]. Product Development and Marketing - The brand "Unified Red Braised Beef Noodles" has undergone a significant upgrade, contributing to its market performance[5]. - The company emphasizes value marketing strategies to enhance brand awareness and customer loyalty, aiming for sustainable growth[65]. - The launch of new products, such as "sour soup wontons" and "seaweed shrimp wontons," aims to meet diverse consumer needs in 2024[71]. - The company is committed to sustainable development and has integrated social responsibility into its overall business strategy[62]. - The brand "Tangdar" underwent a comprehensive upgrade for the first time in 16 years, enhancing consumer experience and market presence[68]. - The company plans to leverage health-conscious and high-quality products to cater to evolving consumer preferences in 2025[71]. - The company is leveraging digital channels and cultural collaborations to strengthen brand awareness and consumer engagement across its product lines[77]. - The marketing strategy includes targeted campaigns during key seasonal events to enhance brand visibility and consumer connection[80]. Employee and Governance - As of December 31, 2024, the total employee cost, including director remuneration, was RMB 4,702.0 million, an increase from RMB 4,474.7 million in 2023[126]. - The total number of employees as of December 31, 2024, was 33,755, with a focus on optimizing organizational structure and enhancing efficiency[125]. - The company has maintained compliance with the corporate governance code throughout the year[131]. - The audit committee reviewed the accounting principles and practices adopted by the company and recommended the adoption of the audited financial statements[129].

证券时报网讯，大和发布的研究报告指出，自2024年11月以来，棕榈油价格下降约10%，缓解了市场对 统一毛利率收缩的担忧。 校对：陶谦 在主要竞争对手提价和原材料成本下降的有利环境下，大和重申对统一企业中国的"买入"评级。 ...

[Table_AuthorInfo] | --- | --- | |----------------------------------------------------------------------------------------------------------------------|------------------| | 股票数据 | | | 1 [ 1 T 月 ab 1 l 3 e 日 _S 收 t 盘 o 价 ck （ In H f K o D ] ） | 7.06 | | 52 周股价波动（HKD） | 4.01-7.55 | | 总股本（亿股） | 43.19 | | 总市值/流通市值（亿元 HKD ） | 312/312 | | 相关研究 | | | [ 《 T 统 a 一 bl 企 e_ 业 R 中 e 国 p （ o 0 r 2 t 2 In 0） fo 半 ] 续维持良好成长性，盈利能力大幅修复》 2024.08.11 | 年报点评：饮料继 | | 《2023 年年报点评：盈利能力&分红提升，期 待 24 年收入增速复苏》 2024.03.08 | | | 《单三季度 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 8.90 [6][9]. Core Insights - The company demonstrated resilience in Q3 with a net profit of RMB 1.64 billion, reflecting a year-on-year increase of 11.5%, and a Q3 net profit of RMB 670 million, up 13.5% year-on-year. The company’s non-GAAP net profit increased by 35% year-on-year [6][9]. - The overall revenue for Q3 showed mid-single-digit growth, with the beverage segment achieving low double-digit growth, particularly in products like red and green tea, and ice sugar pear. The food segment also recorded mid-to-low single-digit growth, with instant noodles seeing mid-high single-digit growth [6][7]. - The gross margin for Q3 was 34%, an increase of over 2 percentage points year-on-year, driven by lower raw material prices in the beverage segment, while the food segment faced pressure from rising palm oil prices [8][9]. Financial Metrics - The company’s market capitalization is HKD 31,186 million, with a closing price of HKD 7.22 as of November 12 [4]. - The projected earnings per share (EPS) for 2024-2026 are RMB 0.43, RMB 0.46, and RMB 0.50 respectively, with a return on equity (ROE) expected to rise from 12.56% in 2023 to 16.17% in 2026 [10][16]. - The company’s revenue is forecasted to grow from RMB 28,591 million in 2023 to RMB 34,049 million in 2026, reflecting a compound annual growth rate (CAGR) of approximately 6.5% [10][19]. Business Segments - The beverage business continues to show strong growth, with Q3 revenue growth in the low double digits, while the food business also recorded positive growth, particularly in instant noodles, which benefited from market share gains following price increases by competitors [7][9]. - The company has invested in expanding its product visibility, including the deployment of 120,000 refrigerators to enhance consumer exposure [7]. Valuation - The report suggests a slight adjustment in profit forecasts due to raw material cost fluctuations and improved operational efficiency, with a target price based on a 25-year average PE of 18x [9][11].

Financial Performance - For the six months ended June 30, 2024, the Group recorded revenue of RMB 15,448.6 million, an increase of 6.0% compared to RMB 14,571.9 million in the same period of 2023[19]. - The food business revenue was RMB 4,947.4 million, up 0.9% year-on-year, accounting for 32.0% of total revenue, while beverage business revenue was RMB 10,023.5 million, up 8.3% year-on-year, accounting for 64.9% of total revenue[19]. - Gross profit increased from RMB 4,532.9 million to RMB 5,228.0 million, representing a growth of 15.3%, with the gross profit margin rising from 31.1% to 33.8%[19]. - Operating profit for the period was RMB 1,233.3 million, up 12.9% from the previous year[26]. - Profit attributable to equity holders of the Company was RMB 965.7 million, representing a 10.2% increase compared to RMB 876.6 million in the same period last year[26]. - Revenue for the six months ended June 30, 2024, was RMB 15,448,557 thousand, an increase of 6.0% compared to RMB 14,571,877 thousand in the same period of 2023[182]. - Gross profit for the same period rose to RMB 5,227,978 thousand, reflecting a 15.4% increase from RMB 4,532,896 thousand year-over-year[182]. - The company reported a profit for the period of RMB 965,693 thousand for the six months ended June 30, 2024, compared to RMB 876,611 thousand for the same period in 2023, reflecting an increase of about 10.1%[194]. Marketing and Consumer Engagement - The Group continues to focus on consumer demand trends, enhancing emotional connections with consumers through innovative marketing strategies[16]. - The increase in consumer demand for product quality, health, and convenience has driven the Group's revenue growth and innovation development[16]. - The "Soup Daren" brand underwent a comprehensive upgrade and successfully launched a limited cherry blossom season edition, achieving over 600 million exposures in marketing[31]. - The "Imperial Big Meal" brand focused on enhancing product quality and consumer experience, leveraging Douyin for marketing through short videos and live broadcasts[39]. - The marketing strategy includes offline events in key cities to engage young consumers and enhance brand awareness[49]. - The company aims to strengthen emotional connections with consumers through brand messaging and product experiences[42]. Product Development and Innovation - The Group's strategic focus includes optimizing product structure and improving production efficiency, contributing to the increase in gross profit margin[19]. - The "Uni Green Tea" brand launched a new sugar-free product, "Spring Breeze Green Tea," priced at RMB4, utilizing innovative micro-fermentation technology to enhance competitive differentiation[49]. - The company plans to continue focusing on high-value products while addressing health, safety, and unique characteristics to meet evolving consumer preferences[42]. - The company is expanding its frozen food segment while maintaining a strong emphasis on quality and consumer satisfaction[40]. - The introduction of new products, such as NFC apple juice, aims to expand the 100% fruit juice market and capture new growth opportunities[65]. - The brand "Uni Shuangcui Lemon Tea" solidified its positioning with a unique selling point of "Double Tea Base with 7-minute Extraction," enhancing brand image and revenue growth[52]. Economic and Market Conditions - The GDP of China grew by 5.0% year-on-year in the first half of 2024, with total retail sales of consumer goods increasing by 3.7% year-on-year, providing strong market support for the Group[15]. - The government launched a series of consumption-promoting policies aimed at boosting market demand and consumer confidence, which is expected to benefit the Group[15]. - The year 2024 is designated as the "Consumption-Promoting Year" in China, which is expected to create new growth opportunities for enterprises and brands[15]. - In the first half of 2024, China's economy showed strong resilience, supported by government policies aimed at expanding domestic demand and consumption upgrades, creating multiple opportunities for the Company[132]. Financial Position and Cash Flow - As of June 30, 2024, the Group's cash at bank and on hand was RMB7,550.7 million, a slight decrease from RMB7,565.5 million as of December 31, 2023[93]. - The Group's total borrowings, including lease liabilities, increased by 70.3% to RMB1,838.0 million as of June 30, 2024, compared to RMB1,079.4 million at the beginning of the year[93]. - The net cash position as of June 30, 2024, was RMB(5,712.7) million, down from RMB(6,486.0) million as of December 31, 2023, indicating a decrease in net cash[98]. - The Group's capital expenditure for the first half of 2024 was RMB395.8 million, down from RMB697.1 million in the first half of 2023[104]. - The net cash inflow from operating activities for the Group was RMB1,486.7 million, while net cash outflows from investing and financing activities were RMB974.2 million and RMB1,131.1 million, respectively[104]. - The company reported a net decrease in cash and cash equivalents of RMB 618,638 thousand for the six months ended June 30, 2024, compared to a decrease of RMB 6,955 thousand in the same period of 2023[200]. Corporate Governance and Compliance - The Audit Committee has reviewed the unaudited interim results for the period and recommended their adoption by the Board[171]. - The company has complied with the Corporate Governance Code during the review period[167]. - All Directors confirmed full compliance with the Model Code for Securities Transactions throughout the review period[170]. - The interim financial information includes a condensed consolidated interim balance sheet and income statement as of June 30, 2024[175]. - The review of interim financial information was conducted in accordance with Hong Kong Standard on Review Engagements 2410[178]. - The company’s financial reporting adheres to Hong Kong Accounting Standard 34 for interim financial reporting[175]. Employee and Organizational Structure - The total number of employees as of June 30, 2024, was 32,784, with a focus on optimizing organizational and staff structures to enhance operational efficiency[138]. - Employee benefits expenses, including directors' emoluments, amounted to RMB 2,277.8 million during the review period[140]. - The Group's remuneration policy rewards employees based on performance, qualifications, and market comparables, with performance bonuses linked to earnings and profit objectives[139]. Sustainability and Corporate Responsibility - The Group is committed to integrating sustainable development into its overall business strategy, enhancing its corporate social responsibility management mechanisms[131]. - The Group plans to focus on technology innovation and product upgrades to meet growing consumer demand, emphasizing high-quality and reasonably priced products[130]. - The Group is committed to sustainable development, incorporating it into its overall business strategy and enhancing standards for corporate sustainability[134].

研究报告 Research Report 8 Aug 2024 统一企业中国 Uni-President China Holdings (220 HK) 高股息仍为股价提供支撑，盈利能力稳步提升 High Dividends Continue to Support the Share Price, and Profitability has Steadily Improved [Table_yemei1] 观点聚焦 Investment Focus | --- | --- | |-----------------------------------------------|---------------------| | [Table_Info] 维持优于大市 Maintain OUTPERFORM | | | 评级 | 优于大市 OUTPERFORM | | 现价 | HK$6.25 | | 目标价 | HK$8.90 | | HTI ESG | 3.7-4.0-4.5 | E-S-G: 0-5, (Please refer to the Appendix for ESG comments) | --- | ...