Investment Rating - The investment rating for the company is "Buy" (maintained) [2][9] Core Views - The management change, with Gao Li taking over as chairman, is expected to lead to a recovery and development for the company. Both Gao Li and Li Shuqing have extensive experience within the China Resources system, which is anticipated to enhance financial control and overall operations [9] - The company is focusing on a dual-engine strategy of water and beverage, continuously enriching its product matrix and launching new products to expand consumer demographics and scenarios [9] - Revenue projections for 2025-2027 are estimated at 11.5 billion, 12.3 billion, and 13.1 billion RMB respectively, with corresponding net profits of 1.1 billion, 1.2 billion, and 1.3 billion RMB [9] Financial Summary - Revenue for 2023 is reported at 13,515 million RMB, with a growth rate of 7.07%. However, a decline of 14.74% is expected in 2025, followed by a recovery in subsequent years [8][11] - The net profit for 2023 is 1,329 million RMB, with a significant growth of 34.30%. A decline of 30.67% is projected for 2025, with a recovery in the following years [8][11] - Earnings per share (EPS) for 2023 is 0.66 RMB, with projections of 0.47 RMB in 2025 and a gradual increase to 0.56 RMB by 2027 [8][11] - The company’s return on equity (ROE) is expected to decline from 19.26% in 2023 to around 9.31% by 2027 [8][11] Financial Ratios - The company’s gross margin is projected to be around 44.66% in 2023, with slight fluctuations in the following years [11] - The debt-to-asset ratio is expected to decrease from 43.29% in 2023 to 30.62% by 2027, indicating improved financial stability [11] - The current ratio is projected to improve from 1.07 in 2023 to 2.23 by 2027, reflecting better liquidity [11]
华润饮料：管理层迎新，有望引领复苏发展-20260119