XIANGPIAOPIAO(SH:603711) Soochow Securities·2025-04-28 10:31Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a revenue of 3.287 billion yuan in 2024, a decrease of 9.32% year-on-year, and a net profit attributable to shareholders of 253.19 million yuan, down 9.67% year-on-year. The Q4 revenue was 1.349 billion yuan, down 18.06% year-on-year, with a net profit of 235 million yuan, down 14.94% year-on-year. For Q1 2025, the revenue was 580 million yuan, down 19.98% year-on-year, and the net profit was -18.77 million yuan, a decline of 174.47% year-on-year [7][8] - The company's core business of instant products is under pressure, while ready-to-drink products are showing steady growth. The revenue from the instant business in 2024 was 2.271 billion yuan, down 15.42% year-on-year, while ready-to-drink business revenue was 970 million yuan, up 8% year-on-year, with Meco fruit tea revenue at 780 million yuan, a growth of 20.69% [7][8] - The decline in raw material costs has led to an increase in gross margin, with a net profit margin of 7.7% in 2024, a slight decrease of 0.03 percentage points year-on-year. The gross margin was 38.3%, an increase of 0.81 percentage points year-on-year [7][8] Summary by Sections Financial Performance - The total revenue for 2023 was 3.625 billion yuan, with a projected revenue of 3.287 billion yuan for 2024, and a slight increase to 3.320 billion yuan in 2025. The net profit for 2023 was 280.30 million yuan, expected to decrease to 253.19 million yuan in 2024, and slightly recover to 259.59 million yuan in 2025 [1][8] - The earnings per share (EPS) for 2024 is projected at 0.61 yuan, with a gradual increase to 0.78 yuan by 2027 [1][8] Market Data - The closing price of the company's stock is 12.78 yuan, with a market capitalization of approximately 5.274 billion yuan. The price-to-earnings (P/E) ratio is 22.85 for the current price and 22.29 for the latest diluted earnings [5][8] Cost and Expense Management - The company has optimized its expense structure, resulting in a slight decrease in sales expense ratio by 0.58 percentage points year-on-year, while the management expense ratio increased by 0.76 percentage points [7][8]