Haitong Securities·2024-03-21 16:00Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][7]. Core Views - The company reported total revenue of 38.932 billion HKD for 2023, representing a year-on-year increase of 10.4%, and a net profit attributable to shareholders of 5.153 billion HKD, up 18.6% year-on-year [7]. - The beer segment showed resilience with a volume increase of 0.5% to 11.151 million kiloliters, with an average price of approximately 3,306 HKD per kiloliter, reflecting a 4.0% increase year-on-year [7]. - The company’s gross margin improved significantly, with an overall gross margin of 41.4%, up 2.9 percentage points year-on-year, driven by premiumization in the beer segment and a decrease in packaging costs [7][8]. - The company plans to distribute a special dividend of 0.3 HKD per share to celebrate its 30th anniversary, bringing the total dividend for the year to 0.936 HKD per share, an increase of 0.4 HKD per share compared to the previous year [8]. - Revenue forecasts for 2024-2026 are projected at 41.46 billion HKD, 44.12 billion HKD, and 46.83 billion HKD, respectively, with net profits expected to be 5.987 billion HKD, 6.841 billion HKD, and 7.509 billion HKD, reflecting growth rates of 16.2%, 14.3%, and 9.8% [9][10]. Summary by Sections Financial Performance - In 2023, the company achieved total revenue of 38,932 million HKD, a 10.4% increase from the previous year, and a net profit of 5,153 million HKD, an 18.6% increase [9]. - The gross margin for 2023 was 41.4%, up from 38.5% in 2022, with the beer business gross margin at 40.2% [9][10]. Segment Analysis - The beer segment's sales volume was 11,151 million kiloliters, with a year-on-year increase of 0.5%, while the average price per kiloliter rose by 4.0% [7]. - The company’s premium beer sales (above mid-tier) increased by 18.9% year-on-year, with significant growth in international brands like Heineken [7]. Dividend and Shareholder Returns - The company announced a special dividend of 0.3 HKD per share, alongside regular dividends, totaling 0.936 HKD per share for the year, marking an increase from the previous year [8]. Future Outlook - Revenue projections for 2024-2026 are 41.46 billion HKD, 44.12 billion HKD, and 46.83 billion HKD, with net profits expected to grow steadily [9][10].