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 Q1 2025, a year-on-year increase of 32%, exceeding market expectations [4][11]. - The beverage segment performed exceptionally well, with revenue growth driven by low raw material costs and improved production capacity utilization, leading to a gross profit margin increase of approximately 2 percentage points [4][12]. - The food segment also demonstrated stable performance, with instant noodle revenue achieving a high single-digit year-on-year increase, although the gross profit margin slightly declined due to palm oil cost pressures [5][13]. - The dividend yield remains attractive, with a projected yield of 5.2% based on a historical 100% dividend payout ratio, reflecting the company's commitment to returning value to shareholders [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 a positive trend in profitability [6][10].
统一企业中国：饮料表现亮眼，股息仍具吸引力-20250530