统一企业中国：竞争压力下收入增长承压，一次性权益减值拖累利润-20260311

Investment Rating - The report maintains an "Outperform" rating for Uni-President China Holdings [2] Core Views - Revenue growth is under pressure due to intensified competition, and a one-time equity impairment has negatively impacted profits [1][3] - The company achieved a revenue of RMB 31.7 billion in 2025, representing a year-on-year increase of 4.6% [3][13] - The beverage segment faced significant challenges in the second half of 2025, with revenue growth slowing to -5.8% due to price wars and competition [4][14] - The food business saw a gross margin increase to 27.1%, the highest in five years, driven by an optimized product mix and strong sales in snack categories [5][15] - The company has robust cash flow, with an estimated dividend yield of 7.1% for 2026, maintaining a 100% payout ratio [5][16] - Forecasts for 2026-2027 indicate revenue growth of 5.4% and 4.9%, with attributable net profit growth of 10.0% and 7.2% respectively [5][17] Financial Summary - Revenue projections for 2026 and 2027 are RMB 33.4 billion and RMB 35.1 billion, respectively, with net profit estimates of RMB 2.26 billion and RMB 2.42 billion [5][17] - The gross profit margin is expected to remain stable, with slight improvements projected for the coming years [10][17] - The company’s operating profit increased by 14.3% year-on-year to RMB 2.56 billion in 2025, with an operating margin of 8.1% [3][13]