Investment Rating - The report maintains an "Outperform" rating for Uni-President China Holdings [11][18]. Core Views - The company's performance in 24H1 slightly exceeded market expectations, with revenue of 15.45 billion yuan, a year-on-year increase of 6.0%, and net profit attributable to the parent company of 966 million yuan, up 10.2% year-on-year [14][15]. - High dividends continue to support the share price, with a projected dividend yield of 7.2% based on a net profit forecast of 1.78 billion yuan for 2024, assuming a 100% dividend payout ratio [8][17]. - The beverage segment showed strong performance with an 8.3% year-on-year revenue increase, while food revenue grew steadily by 0.9% [15][16]. Financial Performance Summary - In 24H1, the gross profit margin increased by 2.7 percentage points to 33.8%, driven by lower costs and improved capacity utilization [16]. - The company expects revenue growth of 7.1%, 6.0%, and 5.3% for 2024, 2025, and 2026, respectively, with net profit forecasts of 1.78 billion, 1.96 billion, and 2.17 billion yuan for the same years [18][12]. - The earnings per share (EPS) is projected to be 0.41, 0.45, and 0.50 yuan for 2024, 2025, and 2026, reflecting year-on-year growth of 6.6%, 10.5%, and 10.6% [18][12].
统一企业中国：高股息仍为股价提供支撑，盈利能力稳步提升