营收持续高速增长，实现扭亏

Investment Rating - The investment rating for the company is "Buy" [1][20]. Core Insights - The company has achieved a turnaround from loss to profit, with a gross margin of 48.0% in 2023, an increase of 6.6 percentage points year-on-year. The net profit attributable to shareholders reached $182 million, marking a significant recovery [3][19]. - Revenue growth is robust, with total revenue for 2023 at $1.318 billion, a year-on-year increase of 101.7%, continuing a trend of over 100% growth for three consecutive years [19][20]. - The company has established a long-term distribution agreement with Pepsi, which has significantly increased its revenue contribution from 22.2% in 2022 to 59.4% in 2023 [7][20]. Summary by Sections Market Data - As of March 1, 2024, the closing price is $79.27, with a total market capitalization of $18.454 billion and total assets of $15.36 billion [1]. Financial Performance - In 2023, the company reported a net profit of $227 million, with an adjusted EBITDA of $296 million, reflecting a year-on-year growth of 315.8% [3][19]. - The company expects revenues of $2.02 billion, $2.95 billion, and $4.12 billion for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 53.0%, 46.6%, and 39.6% [20][23]. Regional Revenue Growth - North America remains the primary revenue source, generating $1.263 billion in 2023, a 104.6% increase year-on-year, accounting for 95.9% of total revenue [6][20]. - Revenue from Europe and Asia also saw significant growth, with increases of 40.8% and 30.4%, respectively [6][20]. Cost Management - The company has successfully reduced selling, general, and administrative expenses, achieving a ratio of 27.8%, lower than the pre-reform level in 2021 [3][19]. Future Outlook - The company anticipates continued growth in profitability, with projected net profits of $300 million, $440 million, and $620 million for 2024, 2025, and 2026, respectively, reflecting growth rates of 66.8%, 45.5%, and 40.9% [20][23].