Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 14.04 RMB based on an 18x valuation for 2024 [30][60]. Core Views - The company has shown robust revenue growth, with a 20.5% increase in revenue to 1.92 billion RMB in 2023, and a 39.4% increase in net profit to approximately 280 million RMB [40][39]. - The main revenue drivers are coconut juice and fruit canned products, with coconut juice contributing significantly to gross profit [52][41]. - The company is actively expanding its product lines and market reach, particularly in the health-conscious beverage segment [41][60]. Revenue and Profitability - From 2017 to 2023, the company's revenue grew from 1.2 billion RMB to 1.92 billion RMB, with a CAGR of 8.3% [39]. - The gross margin improved to 38.6% in Q3 2023, up 6.3 percentage points year-on-year, while the net margin increased to 11.7% [44][68]. - The company expects revenue growth rates for coconut juice to be 22%, 18%, and 15% from 2023 to 2025, with corresponding gross margins of 43%, 44%, and 45% [73]. Business Segmentation - In 2022, coconut juice generated 800 million RMB in revenue, accounting for 50.4% of total revenue, while fruit canned products generated 600 million RMB, accounting for 37.8% [52][39]. - The company anticipates steady growth in the fruit canned segment, with expected revenue growth rates of 20%, 18%, and 15% from 2023 to 2025 [58]. Market Position and Strategy - The company has a strong competitive position in the coconut juice and fruit canned markets, benefiting from a well-established distribution network [60][41]. - The company is focusing on expanding its presence in high-demand markets and enhancing its product offerings to capture a larger market share [41][70]. Financial Forecast - The forecast for net profit for 2023-2025 is 280 million RMB, 350 million RMB, and 420 million RMB, respectively, with EPS projected at 0.63 RMB, 0.78 RMB, and 0.95 RMB [30][32].
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