Investment Rating - The report maintains an "OUTPERFORM" rating for Uni-President China Holdings with a target price of HK10.36 [1][6]. Core Insights - The company has shown steady performance growth and continuous improvement in profitability, with a net profit after tax of 602 million yuan in 1Q25, a year-on-year increase of 32%, exceeding market expectations [4][11]. - The beverage segment performed exceptionally well, with low double-digit revenue growth in 1Q25, driven by improved gross profit margins and effective freezer deployment enhancing sales efficiency [4][12]. - The food segment also demonstrated stable performance, with instant noodle revenue achieving high single-digit growth despite slight declines in gross profit margins due to palm oil cost pressures [5][13]. - The dividend yield remains attractive, with a projected yield of 5.2% based on a consistent 100% dividend payout ratio, reflecting the company's commitment to shareholder returns [5][14]. Financial Performance Summary - Revenue projections for 2025-2027 are estimated at 32.45 billion yuan, 34.19 billion yuan, and 36.00 billion yuan, with year-on-year growth rates of 7.0%, 5.4%, and 5.3% respectively [6][15]. - The net profit attributable to the parent company is forecasted to be 2.17 billion yuan in 2025, with corresponding EPS of 0.50 yuan, reflecting a year-on-year growth of 17.4% [6][15]. - The company's gross profit margin is expected to improve from 33.8% in 2025 to 34.4% in 2027, indicating enhanced profitability [6][10]. Market Position and Valuation - The report highlights that Uni-President's dividend yield above 4.5% is attractive compared to its peers, with a projected P/E ratio of 22x for 2025 [6][15]. - The company is positioned favorably within the beverage and food sectors, with strong brand recognition and product innovation driving growth [4][12][13].
统一企业中国（00220）：饮料表现亮眼，股息仍具吸引力