Investment Rating - The report assigns an "OUTPERFORM" rating to the company with a target price of HK$8.22 [1][4]. Core Insights - The company reported total revenue of RMB 29.23 billion for 2023, a year-on-year increase of 2.54%, with a net profit attributable to shareholders of RMB 1.67 billion, reflecting a significant growth of 36.4% year-on-year [1][8]. - Despite a slight decline in revenue, the company's gross profit margin improved to 30.47%, up by 1.49 percentage points, leading to a gross profit increase of 6.40% [1][8]. - The beverage segment has shown robust growth, achieving revenue of RMB 17.78 billion in 2023, a year-on-year increase of 8.4%, with a compound annual growth rate of 12.3% since 2020 [1][8]. - The food business, however, faced challenges with a revenue decline of 10.56% in 2023, but there are expectations for recovery in 2024 as market conditions improve [4][8]. Summary by Sections Financial Performance - Total revenue for 2023 was RMB 29.23 billion, with main revenue at RMB 28.59 billion and net profit at RMB 1.67 billion [1][8]. - The gross profit margin increased to 30.47%, while the net profit margin rose by 5.83 percentage points [1][8]. - The company declared a dividend of approximately RMB 1.83 billion, resulting in a payout ratio of 109.99% [1][8]. Beverage Business - The beverage segment generated revenue of RMB 17.78 billion in 2023, with a net profit margin of 10.9% [1][2]. - Key products like "Unified Green Tea" and "Tea King" are expected to drive future growth through product line expansion targeting younger consumers [2][4]. Food Business - The food segment reported revenue of RMB 9.85 billion, down 10.56% year-on-year, but with a slight increase in net profit margin to 0.8% [4][8]. - The company is focusing on product innovation and quality to meet changing consumer preferences in the instant noodle market [4][8]. Earnings Forecast - Projected revenues for 2024-2026 are RMB 31.53 billion, RMB 33.97 billion, and RMB 36.28 billion, respectively, with net profits expected to be RMB 1.58 billion, RMB 1.81 billion, and RMB 2.01 billion [4][8].
公司研究报告：盈利能力&分红提升，期待24年收入增速复苏