Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The report highlights that the company achieved total operating revenue of 29.225 billion RMB (up 2.54% YoY) and a net profit attributable to shareholders of 1.667 billion RMB (up 36.4% YoY) for the year ending 2023. The company also announced a dividend of approximately 1.834 billion RMB, corresponding to a payout ratio of 109.99% [5][8] Summary by Sections Financial Performance - The company reported a main business revenue of 28.591 billion RMB (up 1.2% YoY) and a gross profit margin increase of 1.49 percentage points to 30.47%, resulting in a gross profit increase of 6.40% YoY. The net profit margin increased by 5.83 percentage points, leading to a net profit increase of approximately 444 million RMB YoY [5][8] Beverage Business - The beverage segment achieved revenue of 17.776 billion RMB (up 8.4% YoY), with a compound annual growth rate of 12.3% since 2020. The tea beverage segment generated 7.580 billion RMB (up 9.0% YoY), while the juice segment reached 3.404 billion RMB (up 13.3% YoY). The milk tea segment reported 6.305 billion RMB (up 5.0% YoY) [6][8] Food Business - The food segment reported revenue of 9.847 billion RMB (down 10.56% YoY). The instant noodle market is recovering post-pandemic, with a focus on high-value products. The company is also expanding its frozen food offerings, which received positive consumer feedback [8] Revenue and Profit Forecast - The company is expected to achieve total revenues of 31.532 billion RMB, 33.968 billion RMB, and 36.281 billion RMB for 2024, 2025, and 2026 respectively, with net profits of 1.581 billion RMB, 1.806 billion RMB, and 2.007 billion RMB for the same years. The report assigns a price-to-earnings (PE) valuation range of 16-20 times for 2024, translating to a per-share value range of 5.92-7.40 RMB [7][8]
盈利能力&分红提升，期待24年收入增速复苏