Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Viewpoints - The revenue of the beverage and tea industry in January-February decreased by 0.4% year-on-year [2] - The overall performance of the food and beverage sector shows a slight increase, with the food and beverage index rising by 0.40% from March 24 to March 28, ranking third among 28 sub-industries [6][7] - The report recommends high-end liquor with stable demand and high growth certainty, including Guizhou Moutai, Wuliangye, and Luzhou Laojiao, as well as strong regional brands [18] Summary by Sections Industry Performance - From March 24 to March 28, the overall market index increased by 0.07%, while the food and beverage index increased by 0.40% [6][7] - The top-performing sectors were meat products (+2.86%), dairy products (+2.13%), and beer (+2.01%) [6] - Notable stock performances included Miaokelando (+28.66%), Guangming Meat (+13.02%), and Yanjinpuzi (+5.33%) [6] Company Announcements - Shuanghui Development reported a total revenue of 59.561 billion yuan for 2024, down 0.55% year-on-year [21] - Zhujiang Beer reported a total revenue of 5.731 billion yuan for 2024, up 6.56% year-on-year [21] - Sanquan Food reported a total revenue of 3.476 billion yuan for 2024, up 10.41% year-on-year [21] - Three squirrels reported a total revenue of 10.622 billion yuan for 2024, up 49.30% year-on-year [21] Industry News - The 112th National Sugar and Wine Commodity Fair is preparing to sign several major projects with a total investment exceeding 3 billion yuan [23] Consumer Data - In January-February 2025, the total retail sales of consumer goods increased by 4.0% year-on-year, while the catering retail sales increased by 4.3% [24] - The consumer confidence index for January 2025 was 87.5, down 1.57% year-on-year [24] Alcohol Industry Data - In January-February 2025, the production of liquor, beer, and wine decreased by 11.2%, 4.9%, and 25% year-on-year, respectively [29]

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) | --- | ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 8.22 [5][10][14] Core Insights - The company achieved revenue and net profit of RMB 15.45 billion and RMB 0.97 billion respectively in H1 2024, representing year-on-year growth of 6.0% and 10.2%. Excluding one-time land sale gains from the previous year, the core net profit increased by 57.5% year-on-year [2][5] - The beverage segment showed strong growth with a revenue increase of 8.3% year-on-year, while the food segment maintained stable performance with slight growth. Profitability is expected to improve due to cost reductions, product structure optimization, and enhanced operational efficiency [2][3][4] Revenue and Profit Performance - In H1 2024, the beverage business generated revenue of RMB 10.02 billion, up 8.3% year-on-year, with significant contributions from ready-to-drink tea, juice, and milk tea segments [3] - The food business recorded revenue of RMB 4.95 billion, a slight increase of 0.9%, driven by strong performance in instant noodles [3][4] Margin and Profitability - The gross margin improved by 2.7 percentage points year-on-year to 33.8%, with beverage and food gross margins at 38.0% and 27.2% respectively. This improvement is attributed to lower raw material prices and better production efficiency [4][5] - The core net profit margin increased by 2.0 percentage points to 6.2% in H1 2024, with expectations for continued margin improvement throughout the year [4][5] Earnings Forecast - The report projects EPS of RMB 0.42, RMB 0.46, and RMB 0.49 for 2024, 2025, and 2026 respectively, reflecting an upward revision from previous estimates [5][6][14] - The company is expected to maintain a high dividend payout ratio, enhancing its attractiveness for income-focused investors [4][5]

业绩符合预期，利润率显著改善 统一企业中国(0220) [Table_Industry] 食品饮料 [Table_Invest] 评级： 增持 股 票 研 究 股票研究 /[Table_Date] 2024.08.08 证 券 研 究 报 告 ——1H24 中报业绩点评 | --- | --- | --- | --- | |----------|------------------|---------------------|--------------------------| | | 訾猛(分析师) | 姚世佳(分析师) | 庞瑜泽(分析师) | | | 021-38676442 | 021-38676912 | 021-38031037 | | | zimeng@gtjas.com | yaoshijia@gtjas.com | pangyuze028741@gtjas.com | | 登记编号 | S0880513120002 | S0880520070001 | S0880524010003 | 本报告导读： 业绩符合预期，1H24 扣非后净利润接近翻倍，我们预计 2024-26 年扣非后净利润复 ...

Investment Rating - The report maintains an "Outperform" rating for the company, indicating a positive outlook compared to market performance [3]. Core Insights - The company reported a mid-year performance for 2024, achieving revenue of 15.449 billion, a year-on-year increase of 6%, and a net profit attributable to shareholders of 966 million, up 10.2%, with revenue meeting market expectations and profit exceeding expectations [3]. - The investment rating and valuation have been adjusted upwards due to continuous improvement in gross margins, with projected net profits for 2024-2026 expected to be 1.901 billion, 2.118 billion, and 2.318 billion respectively, reflecting year-on-year growth of 14%, 11%, and 10% [3][4]. - The current stock price corresponds to a price-to-earnings ratio of 14x, 13x, and 12x for 2024-2026 [3]. Financial Performance Summary - Revenue by product for the reporting period includes food at 4.947 billion, beverages at 10.024 billion, and others at 478 million, with respective year-on-year growth of 0.9%, 8.3%, and 16% [3]. - The food segment, particularly instant noodles, generated revenue of 4.858 billion, a 1.9% increase, driven mainly by the contributions from specific product lines [3]. - The beverage segment showed strong growth, with tea drinks, milk tea, and juice achieving revenues of 4.647 billion, 3.284 billion, and 1.79 billion respectively, with year-on-year growth rates of 11.8%, 3.3%, and 8.2% [3]. Margin and Profitability - The company achieved a gross margin of 33.8% in the first half of 2024, an increase of 2.7 percentage points year-on-year, with food and beverage gross margins at 27.2% and 38% respectively [4]. - The net profit margin for the first half of 2024 was 6.3%, reflecting a 0.2 percentage point increase year-on-year [4]. - Operating profit for the first half of 2024 reached 1.411 billion, a 50% increase year-on-year, with the operating profit margins for food, beverage, and other segments improving significantly [4].