证券所充报告 统一全业中国 (220 HK) 收入维持稳健，利润表现竞眼 件款研究 2024 年８月 08 日 | 中国香港 收入維持稳定，利润表现无味 公司 24H1 实现妆入/净利润 154.5/9.7 亿，阿比+6.0%/+10.2%； 别除去年 同期一次性土地妆溢（含肥工厂土地出售收益）后，公司 24H1 核心净利润 阿比+57.5%，对应 24Q2 净利润 5.1 亿，阿比+30.7%。收入站，公司 24H1 饮料业务同比+8.3%、增长态势较好；食品业务实现微档增长，经营维持平 稳；利润减，成本改善/产品结构优化/产能利用率提升/竞争趋于线构/规模效 应显现/经营效率提升等有望共同驱动公司利润率提振。展望全年，公司有 望在永得收入稳步增长的同时，通过减促/成本管控/经营效率提升等率措进 一步释放利润弹性。我们预计 24-26 年 EPS 0.42/0.46/0.49 元，参考可比 公司 24 年予均 18x PE（Wind 一致预期） 给予公司 24 年 18x PE，目标 价 8.22 港币，维持"买入"。 饮养业务增长券头充足，食品业务亦衰得正增 1）饮料：24H1 玫入 100.2 亿，阿比 ...

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 ...

上 市 公 司 食品饮料 公 司 点 评 / 公 司 点 评 报告原因：有业绩公布需要点评 | --- | --- | |------------------------|---------------------| | 市场数据： | 2024 年 08 月 07 日 | | 收盘价（港币） | 6.88 | | 恒生中国企业指数 | 5933.17 | | 52 周最高/最低（港币） | 7.55/4.30 | | H 股市值（亿港币） | 297.17 | | 流通 H 股（百万股） | 4,319.33 | | 汇率（人民币/港币） | 1.0922 | 一年内股价与基准指数对比走势： -32% -12% 8% 28% HSCEI 统一企业中国 资料来源：Bloomberg 证券分析师 吕昌 A0230516010001 lvchang@swsresearch.com 周缘 A0230519090004 zhouyuan@swsresearch.com 熊智超 A0230524050003 xiongzc@swsresearch.com 联系人 熊智超 (8621)23297818× xiongzc@ ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容而產生或因依賴該 等內容而引致的任何損失承擔任何責任。 （於開曼群島註冊成立之有限公司） （股份代號：220） 2024年中期業績公告 統一企業中國控股有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然提呈本公司及其附屬公 司（合稱「本集團」或「我們」）截至2024年6月30日止6個月（「回顧期」）未經審核簡明綜合中期財務資 料。該簡明綜合中期財務資料未經審核，但已由董事會之審核委員會（「審核委員會」）及本公司獨 立核數師羅兵咸永道會計師事務所按照香港會計師公會頒布之香港審閱準則第2410號「由實體的 獨立核數師執行中期財務資料審閱」進行審閱。 1 • 收益為人民幣15,448.6百萬元，上升6.0% • 本集團毛利率為33.8%，上升2.7個百分點 • 未計利息、稅項、折舊及攤銷前盈利為人民幣1,893.5百萬元，上升5.6% • 本公司權益持有人期間應佔溢利為人民幣965.7百萬元，上升10.2% 經濟環境分析 2024年上半年中華人民共和國（「 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][4]. Core Views - Post-pandemic revenue has returned to a growth trajectory, with the beverage business identified as the core growth driver and profit margins showing an improving trend [3][8]. - The company has implemented a 100% dividend payout policy since 2018, currently reflecting a dividend yield of 8% based on the stock price [3][8]. - The projected EPS for 2024, 2025, and 2026 is estimated at 0.42, 0.46, and 0.49 CNY respectively, with a corresponding PE of 15X for 2024 [3][8]. Summary by Sections 1. Investment Recommendation - The company operates in a sector with rigid demand for instant noodles and beverages, showcasing strong product innovation capabilities, which suggests it can withstand economic cycles [8]. - Key growth drivers include the increase in short-distance travel boosting beverage market expansion, product innovation catering to younger consumers, and diversification of distribution channels [8]. - Revenue CAGR is expected to be around 5% from 2024 to 2026, with net profit CAGR projected at 7% during the same period [8]. 2. Company Overview - Founded in 1992, the company is a diversified multinational group primarily engaged in food and beverage, with a market capitalization of 30.8 billion HKD as of June 28, 2024 [9]. - The company has experienced a recovery in revenue growth after a stagnation period, achieving a record revenue of 28.59 billion CNY in 2023 [14]. 3. Competitive Advantages - The company emphasizes product innovation, having successfully launched several major products that have become market leaders, such as Assam milk tea and various instant noodle lines [20][22]. - Organizational efficiency has significantly improved, with revenue per employee increasing threefold since 2007, indicating enhanced productivity [24]. 4. Growth Potential - The company is well-positioned to capitalize on the growing trend of short-distance travel, which is expected to drive food and beverage sales [30]. - There is substantial room for expansion in retail outlets, with a focus on enhancing distribution networks and exploring new sales channels, including online platforms [30][31].

食品饮料 公 司 研 究 / 公 司 深 度 报告原因:首次覆盖 | 市场数据: | 年 06 月 27 日 | |--------------------------|----------------------------| | 收盘价(港币) | 7.09 | | 恒生中国企业指数 | 6324.05 | | 52 周最高 / 最低(港币) | 7.55/4.30 | | H 股市值(亿港币) | 306.24 | | 流通 H 股(百万股) | - | | 汇率(人民币/港币) | 1.0956 | 一年内股价与基准指数对比走势: 64% -36% 06/2707/2708/2709/2710/2711/2712/2701/2702/2703/2704/2705/2706/27 HSCEI 统一企业中国 资料来源:Bloomberg | 证券分析师 | |--------------------------| | 吕昌 A0230516010001 | | lvchang@swsresearch.com | | 周缘 A0230519090004 | | zhouyuan@swsresearch.co ...

Financial Performance - Revenue for the year 2023 reached RMB 28,591,271 thousand, a 1.2% increase from RMB 28,257,432 thousand in 2022[10] - Gross profit for 2023 was RMB 8,711,731 thousand, up 6.4% from RMB 8,187,917 thousand in 2022[10] - Profit before income tax in 2023 was RMB 2,239,924 thousand, a 29.4% increase from RMB 1,730,829 thousand in 2022[10] - Net profit attributable to equity holders of the company for 2023 was RMB 1,667,060 thousand, a 36.4% increase from RMB 1,222,157 thousand in 2022[10] - Basic earnings per share for 2023 were RMB 38.60 cents, a 36.4% increase from RMB 28.30 cents in 2022[10] - Dividends for 2023 were RMB 1,833,769 thousand, a 25% increase from RMB 1,466,588 thousand in 2022[10] - The Group's revenue in 2023 reached RMB 28,591.3 million, a 1.2% increase year-over-year, with post-tax profits of RMB 1,667.1 million, up 36.4%[12] - Revenue for 2023 increased by 1.2% to RMB28,591.3 million compared to RMB28,257.4 million in 2022[123] - Gross profit increased by 6.4% to RMB8,711.7 million, with gross profit margin rising by 1.5 percentage points to 30.5%[123] - Operating profit increased by 33.5% to RMB1,996.5 million, partly due to a one-off gain of RMB351.4 million from land disposal[123] - Profit attributable to equity holders increased by 36.4% to RMB1,667.1 million, with earnings per share at RMB38.60 cents[123] Assets and Liabilities - Total assets as of December 31, 2023, were RMB 22,134,218 thousand, a 1.6% increase from RMB 21,784,355 thousand in 2022[11] - Total liabilities as of December 31, 2023, were RMB 8,751,841 thousand, a 1.7% increase from RMB 8,603,002 thousand in 2022[11] - Total equity as of December 31, 2023, was RMB 13,382,377 thousand, a 1.5% increase from RMB 13,181,353 thousand in 2022[11] - Cash and cash equivalents as of December 31, 2023, were RMB 931,995 thousand, a 758.7% increase from RMB 108,519 thousand in 2022[11] - Cash and bank balances increased to RMB7,565.5 million as of December 31, 2023, up from RMB6,654.2 million in 2022[125] - Total financial liabilities increased by 24.1% to RMB1,079.4 million, primarily due to short-term borrowings[125] - Cash and cash equivalents increased by RMB823.5 million year-on-year, with net cash inflow from operating activities of RMB3,053.5 million, net cash outflow from investing activities of RMB947.0 million, and net cash outflow from financing activities of RMB1,282.5 million[130][134] - Capital expenditure for 2023 was RMB1,078.8 million, a significant increase from RMB545.9 million in 2022, primarily due to investments in marketing assets and facility upgrades[130][134] - Net trade receivables decreased by RMB234.1 million to RMB585.8 million, mainly due to delayed product preparation for Chinese New Year[131][135] - Inventories decreased by RMB396.6 million to RMB2,125.9 million, with inventory turnover days reduced by 2 days to 42 days[136][137] - Trade payables decreased by RMB552.4 million to RMB2,122.6 million, also influenced by the delayed Chinese New Year preparation[136][137] - Financial assets at fair value through profit or loss increased to RMB1,618.7 million from RMB1,018.5 million in 2022[129][132] - The gearing ratio increased to -48.47% from -43.89% in 2022, calculated as net cash divided by total equity[128][132] - Cash at bank and on hand reached RMB7,565.5 million, with 99.90% denominated in Renminbi[126] Business Segments - The beverages segment achieved a compound annual growth rate (CAGR) of 12.3% since 2020, contributing significantly to the overall revenue growth[12] - "The King of Tomato" brand doubled its revenue CAGR over the past three years, showing strong market favorability[12] - "Uni Green Tea" and "Haizhiyan" brands achieved high double-digit year-on-year revenue growth, capitalizing on post-pandemic consumer trends[12] - The food business recorded revenue of RMB 9,846.8 million in 2023, focusing on product quality, flavor optimization, and diversified consumption scenarios[26][27] - The instant noodles business generated revenue of RMB 9,594.3 million in 2023, emphasizing product quality, innovation, and catering to personalized consumer needs[28][29] - Beverages business revenue in 2023 reached RMB17,775.5 million, an increase of 8.4% year-over-year[40] - Tea drinks business revenue in 2023 amounted to RMB7,579.5 million, representing a 9.0% growth compared to the previous year[41] - Revenue from the juice business in 2023 reached RMB 3,404.2 million, a 13.3% increase year-over-year, accounting for 19.2% of beverage revenue, a seven-year high[55][58] - Milk tea business revenue in 2023 reached RMB6,305.2 million, a 5.0% increase year-over-year, driven by Uni Assam Milk Tea and the launch of CITEA milk tea[71][72] - Coffee business focused on the "A-Ha" brand strategy in 2023, introducing new flavors like coconut latte to attract the new generation of consumers[76] Brand and Product Performance - "Soup Daren（湯達人）" rice noodles sales increased rapidly, gaining significant consumer recognition[31] - "Soup Daren Genki Music Festival（湯達人元氣音樂節）" achieved record-high on-site attendance and online exposure, significantly boosting brand awareness and reputation[31] - "Uni-President Lao Tan Pickled Cabbage and Beef Noodles（統一老壇酸菜牛肉麵）" revenue gradually recovered due to increased consumer trust and intimacy[32] - "The King of Tomato（茄皇）" brand visual symbol was renewed and upgraded, enhancing brand recognition and reducing cognitive costs[33] - "Kai Xiao Zao（開小灶）" frozen fried rice series won the 2022-2023 Innovative Product Award for the Instant Food Industry in China[37] - "Kai Xiao Zao（開小灶）" products ranked first in multiple categories during the 2023 Double 11 Shopping Festival[37] - "Kai Xiao Zao（開小灶）" launched the "Private Kitchen（私房菜）" gift box in mid-December 2023, targeting the high-end gift market[37] - Uni Green Tea focused on health attributes and value through sugar-free products and marketing campaigns targeting young consumers[42][43] - Uni Ice Tea upgraded its product by adding real lemon juice and targeted Z-generation consumers through Bilibili marketing, aiming to expand brand exposure and influence[46][47] - Uni Plum Green Tea emphasized its unique selling point of "Grade A plums" and sponsored Bilibili's graduation concert to enhance brand awareness in target groups[48][52] - Uni Shuangcui Lemon Tea was upgraded with an innovative concept of "Double Tea Base with 7-minute Extraction" and launched a regional Cantonese-style lemon tea campaign to attract young consumers[49][53] - Classmate Xiaoming leveraged ACG culture and partnered with Bilibili and the Chinese comics IP "Link Click" to target younger student groups[50][51] - The Group's "Haizhiyan" electrolyte drink achieved high double-digit revenue growth in 2023, with a strong compound annual growth rate over the past three years[61][62] - "Uni Orangeate" continued to emphasize its "More Fiber" and "More Vitamin C" image, with a focus on expanding sales points in dining and gift box scenarios[63] - The Group launched a new flavor, "Uni Plum Juice," in 2023, which performed well in the market and became a new growth driver[64] - "Chai Li Won" introduced fresh leaf juice in its green tea category in 2023, enhancing product freshness and delivering a "freshly brewed" taste[56] - Uni Sweet-sour Plum Juice launched in 2023, driving incremental growth with excellent market performance[65] - Uni Crystal Sugar Pear Drink enhanced product quality and packaging in 2023, targeting young consumers with a focus on "Moist" core value[66] - Vitality Awakening 100% fruit (vegetable) juice focused on cultivating 100% juice market in key first-tier cities and expanded online platforms like O2O and groceries delivery services[67][69] - Uni Assam Milk Tea introduced new flavors and packaging formats in 2023, including cans and tetra packs, to capitalize on gift box sales opportunities[73] - CITEA milk tea launched in Q4 2023, targeting young consumers with a "sweet but not greasy, flavourful and aromatic" product using innovative slow-boiling techniques[74][75] - The new flavor of Raw Coconut Latte was well received by the new generation of consumers and has established a market base[79] - ALKAQUA launched a 5L water barrel in December 2023, focusing on e-commerce channels to target the family drinking water market[81][82] - The Group launched four types of flavoured 8-degree sparkling wine under the brand "Uni-Wonder" in 2023, targeting young consumers[84][85] - The premium coffee brand "MANYA" launched CAFÉ Au Lait, combining tea and coffee, exclusively in the Sam's system[87][88] Strategic Initiatives - The Group proposed a final cash dividend of RMB 42.45 cents per share, totaling approximately RMB 1,833.8 million for 2023[15][16] - The Group is focusing on digital transformation to empower all aspects of its business operations[13][14] - The Group plans to deepen market penetration by expanding both offline and online channels, aiming to extend consumption scenarios and get closer to consumers[13][14] - In 2024, the Group will continue to adapt to changing consumer needs by providing safe, high-quality, and innovative products to maintain competitiveness[20][21] - The Group's strategy includes maintaining healthy inventory levels and focusing on freshness control as a fundamental operational policy[13][14] - The Group aims to build long-term competitive barriers through brand power and cultivate future trendy products with a long-term perspective[13][14] - The Group adhered to a value-based marketing strategy, expanding both offline and online channels to meet consumer needs in various scenarios[23] - The Group strengthened its focus on sustainability, implementing measures in areas such as climate change, water resources management, and green production[24] - The Group actively accumulated brand assets and optimized product strengths and product mix, achieving record-high revenue while maintaining sound operation[24] - The Group emphasized the importance of omni-channel expansion in response to rapidly changing market conditions and consumer trends[23] - The Group continued to enhance its organizational coordination and risk management capabilities, maximizing resource utilization efficiency[23] - The Group plans to focus on health, safety, and unique characteristics in innovative products to meet consumer emotional value in 2024[39] - The Group aims to integrate healthy ingredients into national flavors and promote Chinese culinary culture to satisfy personalized, diversified, and healthy consumer needs[39] - The Group will establish strong emotional connections with consumers through product-driven brand concepts to gain emotional resonance[39] - The company plans to expand its young consumer base through low-sugar and sugar-free product lines for Uni Green Tea[44][45] - Uni Ice Tea aims to address product category pain points in 2024 by adding special black tea to enhance flavor and launching a sampling campaign of one million bottles[47] - Uni Plum Green Tea will continue to promote "Grade A plums" in 2024 to further capture consumer attention[52] - The Group plans to expand its presence in family, catering, and O2O channels in 2024 to capture market trends and new opportunities[57] - "Haizhiyan" will focus on the promotion of "Drink Haizhiyan after sweating" in 2024, aiming to strengthen consumer communication and expand electrolyte drink market share[62] - The Group's juice business aims to expand market share in 2024 by launching upgraded product series with better taste and health benefits[70] - The coffee business plans to expand its market presence in 2024 by focusing on ice coffee market penetration and consumer cultivation for coconut latte[78] - The Group will focus on expanding the base of the "A-Ha" brand in 2024, targeting the secondary market of iced coffee and cultivating consumers of Raw Coconut Latte[80] - ALKAQUA will continue to cultivate the Shanghai market in 2024, targeting four highly "involuting" groups and strengthening channel construction[83][85] - The Group explored O2O new e-commerce represented by Meituan Grocery and set up three themed livestreaming rooms on platforms like Douyin Shop and Pinduoduo[90][91] - The Group's business research institute developed new products to facilitate steady revenue growth, focusing on value innovation and securing supply[92][93] - The Group has accumulated 164 authorized patents and 48 pending patents as of December 2023, building competitive barriers[95] - The Group focused on empowering its featured products, particularly those with over 1 billion in sales, to maintain market competitiveness[96] - Uni Assam Milk Tea achieved all-around product quality improvement through front-end management of tea raw material quality, refined control of production process, and sound finished product monitoring standards, with new flavors White Peach Guanyin and Green Grape Jasmine launched in 2023 to meet diversified consumer tastes[97][100] - Uni Green Tea established a monitoring system from source to finished product, completed supplier assessment of over 20 tea processing factories, and launched sugar-free green tea in response to consumer health demands[101] - The Group accumulated 164 licensed patents and 48 patents under applications as of December 2023, continuously building competitive technological barriers[98] - Haizhiyan grasped the electrolyte drink trend, developed a new "isotonic" version, and contributed to national electrolyte drink standards formulation[102][103] - Uni-President Lao Tan Pickled Cabbage and Beef Noodles strengthened source monitoring and fermentation craftsmanship to enhance sour characteristics and meet consumer preferences[104] - The King of Tomato optimized production craftsmanship, launched Tomato Bolognese Instant Pasta, and leveraged Xinjiang factory advantages to ensure stable tomato supply and quality[105][106] - CITEA milk tea was launched in 2023 with Da Hong Pao and Rose flavors, using real milk and original tea leaves for a rich, non-greasy texture[107][108] - Uni Shuangcui Lemon Tea features double extraction of black tea and oolong tea, with Ya Shi Xiang flavor positioning as authentic Cantonese lemon tea[109] - In Love With Tomato 100% NFC tomato juice was launched in January 2024, using juice from about 24 cherry tomatoes per bottle for optimal taste[110][111] - Little Raccoon High Fiber Konjac entered the casual snacks market with a chewy texture, spicy taste, and high dietary fiber content for health benefits[112][113] - The Group launched the "Kai Xiao Zao Private Kitchen" series, targeting the home consumption trend with pre-cooked cuisine frozen at -30°C to maintain quality[116] - In 2023, the Group successfully applied tea roasting and aroma-keeping techniques to sugar-free beverages like "Chai Li Won Raw Green Tea" and "Uni Sugar-Free Green Tea"[117][118] - The Group developed and launched new products such as the "CITEA milk tea" series through collaborative innovation with domestic and overseas R&D centers[117][118] - A full-process digital management system for R&D projects was implemented in 2023, improving efficiency and facilitating knowledge inheritance[115][119] - The Group utilized Alibaba's big data model for consumer research, combining "big data + small samples" to empower product innovation and engage consumers in the R&D process[120] - The Food Safety and Quality Committee, led by the General Manager, oversees the design and optimization of the food safety and quality assurance system[120] - Three lines of defense for food safety were established: qualification review, field assessment, and food safety testing to manage supplier risks[120] Corporate Governance and Shareholding - The Group has 26 subsidiaries accredited with ISO 22000 certification, 1 with FSSC 22000, and 6 with HACCP certification[122] - The Food Safety Testing Centre has passed 173 projects under CNAS accreditation as of 2023[122] - The Group's total number of employees as of 31 December 2023 was 33,539[145] - Total staff costs (including directors' remuneration) for the year were RMB4,474.7 million, compared to RMB4,324.3 million in 2022[149] - The Group did not hold any significant investments with a value of 5% or more of its total assets as of 31 December 2023[144] - The Group had no material contingent liabilities or charges on group assets as of 31 December 2023[144] - The Group did not engage in any material acquisition or disposal of subsidiaries, associates, or joint ventures during the year[144] - The Group has no plans for any material investment or acquisition of capital assets beyond its ordinary business of manufacturing and selling beverages and instant noodles[144] - The Group's financial policy aims to reduce the impact of interest rate and exchange rate fluctuations on its overall financial position[143] - The Group maintained an automated reconciliation system, which significantly improved capital efficiency and accounting treatment effectiveness during the year[143] - The Group's treasury policy avoids high-risk investments, speculative derivatives, and financial products with significant leverage or risks[144] - The Group's remuneration policy rewards employees and directors based on performance, qualifications, demonstrated capabilities, and market comparable information[148] - The Board recommends a final dividend of RMB42.45 cents per share, totaling approximately RMB1,833.8 million[160][161] - The proposed final dividend is subject to shareholder approval at the Annual General Meeting

Investment Rating - The report assigns an "OUTPERFORM" rating to the company with a target price of HK$8.22 [1][4]. Core Insights - The company reported total revenue of RMB 29.23 billion for 2023, a year-on-year increase of 2.54%, with a net profit attributable to shareholders of RMB 1.67 billion, reflecting a significant growth of 36.4% year-on-year [1][8]. - Despite a slight decline in revenue, the company's gross profit margin improved to 30.47%, up by 1.49 percentage points, leading to a gross profit increase of 6.40% [1][8]. - The beverage segment has shown robust growth, achieving revenue of RMB 17.78 billion in 2023, a year-on-year increase of 8.4%, with a compound annual growth rate of 12.3% since 2020 [1][8]. - The food business, however, faced challenges with a revenue decline of 10.56% in 2023, but there are expectations for recovery in 2024 as market conditions improve [4][8]. Summary by Sections Financial Performance - Total revenue for 2023 was RMB 29.23 billion, with main revenue at RMB 28.59 billion and net profit at RMB 1.67 billion [1][8]. - The gross profit margin increased to 30.47%, while the net profit margin rose by 5.83 percentage points [1][8]. - The company declared a dividend of approximately RMB 1.83 billion, resulting in a payout ratio of 109.99% [1][8]. Beverage Business - The beverage segment generated revenue of RMB 17.78 billion in 2023, with a net profit margin of 10.9% [1][2]. - Key products like "Unified Green Tea" and "Tea King" are expected to drive future growth through product line expansion targeting younger consumers [2][4]. Food Business - The food segment reported revenue of RMB 9.85 billion, down 10.56% year-on-year, but with a slight increase in net profit margin to 0.8% [4][8]. - The company is focusing on product innovation and quality to meet changing consumer preferences in the instant noodle market [4][8]. Earnings Forecast - Projected revenues for 2024-2026 are RMB 31.53 billion, RMB 33.97 billion, and RMB 36.28 billion, respectively, with net profits expected to be RMB 1.58 billion, RMB 1.81 billion, and RMB 2.01 billion [4][8].

[Table_MainInfo] 公司研究/食品 证券研究报告 统一企业中国(0220.HK)公司研究报告 2024年03月 08日 [Table_InvestInfo] 盈利能力&分红提升，期待 24 年收入增 投资评级 优于大市 维持 速复苏 股票数据 0[3T月ab0l8e日_收St盘o价ck（InHfKoD]） 5.52 [Table_Summary] 52周股价波动（HKD） 4.30-5.64 投资要点： 总股本（百万股） 4319.33 总市值/流通市值（百万 21207.93 /21207.93 HKD）  事件：2024年3月6日公司披露2023年末期业绩公告，其中实现总营业收 相关研究 入292.25亿元（YOY2.54%），实现主营收入285.91亿元（YOY1.2%）， [《T下a半bl年e_营R收e加p速o，rt盈In利fo能] 力改善，继续看好 实现归母净利润 16.67 亿元（YOY36.4%）。此外公司公告分红约 18.34 亿 未来增长中枢提升》2023.03.13 元（对应股利支付率109.99%）。 《单三季度利润降幅明显收窄，期待后续利润 水平进一步改善回升》2022 ...

Financial Performance - The company's revenue for 2023 reached RMB 28,591.3 million, an increase of 1.2% compared to the previous year[5] - The net profit attributable to equity holders of the company was RMB 1,667.1 million, representing a growth of 36.4% year-on-year[6] - The gross profit margin improved to 30.5%, up by 1.5 percentage points from last year[5] - The operating profit before interest, tax, depreciation, and amortization (EBITDA) was RMB 3,425.4 million, reflecting a 16.8% increase from the previous year[5] - Total revenue for 2023 reached RMB 28,591,271 thousand, an increase from RMB 28,257,432 thousand in 2022, representing a growth of 1.18%[33] - The net profit for 2023 was RMB 1,667,060 thousand, compared to RMB 1,222,157 thousand in 2022, indicating a significant increase of 36.6%[35] - The gross profit increased by 6.4% to RMB 8,711.7 million, with a gross margin of 30.5%, up 1.5 percentage points from the previous year[112] - Operating profit rose by 33.5% to RMB 1,996.5 million, primarily due to a one-time gain of RMB 351.4 million from the disposal of land in Hefei, China[114] Dividends and Shareholder Returns - The company proposed a final cash dividend of RMB 0.4245 per share, totaling approximately RMB 1,833.8 million[7] - Basic earnings per share rose to RMB 38.60 in 2023, compared to RMB 28.30 in 2022, reflecting an increase of 36.6%[56] - The proposed final dividend per share for 2023 is RMB 42.45, an increase from RMB 33.95 in 2022, totaling RMB 1,833,769,000[57] Assets and Liabilities - The total assets of the company as of December 31, 2023, amounted to RMB 22,134.2 million, an increase from RMB 21,784.4 million in 2022[14] - Total liabilities increased to RMB 8,751,841 thousand in 2023 from RMB 8,603,002 thousand in 2022, representing a growth of 1.72%[15] - Current liabilities decreased to RMB 8,015,176 thousand in 2023 from RMB 7,928,165 thousand in 2022, a decline of 1.10%[15] - Non-current liabilities rose to RMB 736,665 thousand in 2023 compared to RMB 674,837 thousand in 2022, an increase of 9.19%[15] - The total equity and liabilities amounted to RMB 22,134,218 thousand in 2023, up from RMB 21,784,355 thousand in 2022, reflecting an increase of 1.60%[15] Market and Consumer Trends - The company continues to focus on expanding its beverage and food business in China, which constitutes over 90% of its sales activities[29] - The Chinese economy showed resilience with a GDP growth of 5.2% in 2023, and retail sales increased by 7.2%, indicating a positive consumption trend[64] - The market is witnessing a shift towards high-quality and cost-effective products, with a focus on health and safety in the new era[75] Product Development and Innovation - The company has launched new product lines, including the "Private Kitchen" series, to expand its product matrix[6] - The company is actively targeting the sugar-free market to meet diverse consumer demands, enhancing product health attributes to drive sales growth[81] - The "Unified Ice Black Tea" product was upgraded in 2023 with the addition of real lemon juice, aiming to attract younger consumers[78] - The company plans to launch a new upgraded product series in 2024 to capture market share in the juice sector, focusing on health benefits and diverse specifications[86] - The company is expanding into the ready-to-eat meal market with the "Private Kitchen Series," utilizing flash-freezing technology to preserve freshness and flavor[102] Strategic Focus and Future Plans - The company plans to continue adapting to changing consumer demands and focus on providing safe, quality, and innovative products to enhance competitive success[8] - The company aims to deepen market penetration and extend consumption scenarios through diversified channel expansion[6] - The company plans to strengthen its product offerings and expand into diverse operational scenarios, including family, dining, and O2O channels in 2024[81] Risk Management and Governance - The company continues to enhance its organizational coordination and risk management capabilities in response to external economic challenges, including inflation and geopolitical tensions[64] - The company has implemented a digital management system for R&D, optimizing the entire process to enhance efficiency and knowledge transfer[104] - A food safety committee has been established to oversee food safety and quality assurance, ensuring compliance with regulations and managing supplier risks[107] Employee and Operational Insights - The total employee cost for the year was RMB 4,474.7 million, an increase from RMB 4,324.3 million in 2022[136] - The total number of employees as of December 31, 2023, is 33,539[133] - The group has implemented a performance bonus and reward plan to recognize outstanding contributions from employees[133]