XIANGPIAOPIAO(SH:603711) Tianfeng Securities·2025-05-12 06:23Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [6][18]. Core Views - The company is experiencing pressure in its inventory management for its brewed products, while the fruit tea segment shows strong growth momentum [2][3]. - The company is expected to enter a recovery phase in 2025, focusing on inventory reduction and expanding marketing efforts through pop-up stores [3][4]. Financial Performance Summary - For 2024, the company is projected to have a revenue of 3.29 billion yuan, a decrease of 9.32% year-on-year, with a net profit of 253.19 million yuan, down 9.67% [5][12]. - The revenue breakdown shows brewed products generating 2.27 billion yuan (down 15.4%) and ready-to-drink products at 973 million yuan (up 8%) for 2024 [2][5]. - The net profit margin for 2024 is expected to remain stable at 7.7%, with a slight increase in the non-GAAP net profit margin [3][13]. Revenue and Profit Forecast - Revenue growth rates are forecasted at 2% for 2025, 8% for 2026, and 6% for 2027, with corresponding net profit growth rates of 5%, 16%, and 10% [4][11]. - The projected earnings per share (EPS) are 0.65 yuan for 2025, 0.75 yuan for 2026, and 0.82 yuan for 2027 [5][12]. Market Position and Strategy - The company is focusing on enhancing its product positioning in the fruit tea market, with a successful strategy reflected in a 20.69% increase in fruit tea revenue [2][3]. - The company plans to adjust its frozen lemon tea product positioning ahead of the peak season to improve sales performance [3][4].