XIANGPIAOPIAO(SH:603711) Orient Securities·2025-05-22 00:25Investment Rating - The report maintains a "Buy" rating for the company with a target price of 17.66 CNY, based on a calculated equity value of 72.87 billion CNY [3][5][10]. Core Insights - The company has experienced a decline in revenue and net profit in 2024, with a projected revenue of 3.29 billion CNY, down 9.3% year-on-year, and a net profit of 253 million CNY, down 9.7% year-on-year [4][9]. - The ready-to-drink segment shows promising growth, particularly driven by the Meco brand, which achieved a revenue of 780 million CNY, up 21% year-on-year [9]. - The company is focusing on product health upgrades and expanding its snack and dining channel partnerships to enhance revenue streams [9]. Financial Summary - Revenue projections for 2025-2027 are 3.30 billion CNY, 3.52 billion CNY, and 3.85 billion CNY, respectively, with expected growth rates of 0.3%, 6.6%, and 9.5% [4]. - The earnings per share (EPS) forecast for 2025-2027 is 0.58 CNY, 0.62 CNY, and 0.68 CNY, reflecting a downward adjustment from previous estimates [3][10]. - The company's gross margin is projected to be 38.1% in 2025, slightly down from 38.3% in 2024, while the net margin is expected to decrease to 7.2% [4][10].