IPO申购指南：华润饮料

Investment Rating - The report recommends subscription for China Resources Beverage (2460.HK) [3] Core Viewpoints - China Resources Beverage is a well-known enterprise in the Chinese packaged drinking water and ready-to-drink soft drink industry, with a market share of 32.7% and 18.4% respectively as of 2023 [3] - The company has a diverse product portfolio with 13 brands and 59 SKUs, focusing on packaged drinking water, tea drinks, and juice beverages, which are expected to grow faster than the industry average from 2023 to 2028 [3] - The revenue growth from 2021 to 2023 is projected at a CAGR of 9.2%, with net profit CAGR at 24.6%, indicating a steady increase in profit margins [3] Summary by Sections IPO Details - The IPO price range is set at HKD 13.5-14.5, with a total fundraising amount of HKD 4.726 billion [3] - The total number of shares offered is 347.83 million, with 89% allocated for international placement and 11% for public offering [3] Market Position - The Chinese ready-to-drink soft drink market is projected to grow from RMB 909.2 billion in 2023 to RMB 1,203.2 billion by 2028, with a CAGR of 5.8% [3] - The packaged drinking water market is expected to grow at a CAGR of 7.1%, reaching a market size of RMB 215 billion [3] Financial Performance - The company's revenue reached RMB 13.515 billion in 2023, with a net profit of RMB 1.331 billion, and profit margins improved from 7.6% to 9.9% [3] - In the first four months of 2024, revenue and net profit grew by 5.3% and 29.5% respectively, with net profit margin further increasing to 11.1% [3]