Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 17.86 CNY per share, reflecting a reasonable valuation based on the company's growth prospects [3][17]. Core Insights - The company reported a revenue of 1.923 billion CNY in 2023, a year-on-year increase of 20.5%, and a net profit attributable to shareholders of 278 million CNY, up 36.9% year-on-year [1][16]. - The beverage and canned food segments are driving the company's performance, with significant growth in both areas, and other business segments providing additional growth potential [1][8]. - The improvement in raw material costs, particularly in packaging and fruit procurement, has positively impacted the company's gross margins, leading to an overall gross margin increase of 5.17 percentage points to 38.75% [1][8]. Financial Summary - Revenue and Profit Forecasts: - 2023 Revenue: 1.923 billion CNY - 2024 Estimated Revenue: 2.236 billion CNY (growth rate of 16%) - 2025 Estimated Revenue: 2.532 billion CNY (growth rate of 13%) - 2026 Estimated Revenue: 2.827 billion CNY (growth rate of 12%) [2]. - Net Profit Forecasts: - 2023 Net Profit: 278 million CNY - 2024 Estimated Net Profit: 362 million CNY (growth rate of 30%) - 2025 Estimated Net Profit: 432 million CNY (growth rate of 19%) - 2026 Estimated Net Profit: 505 million CNY (growth rate of 17%) [2]. - Earnings Per Share (EPS) Projections: - 2023 EPS: 0.62 CNY - 2024 EPS: 0.81 CNY - 2025 EPS: 0.96 CNY - 2026 EPS: 1.13 CNY [2]. - Valuation Ratios: - 2023 Price-to-Earnings (P/E) Ratio: 23.7 - 2024 Estimated P/E Ratio: 18.2 - 2025 Estimated P/E Ratio: 15.3 - 2026 Estimated P/E Ratio: 13.1 [2].
饮料罐头双轮驱动业绩高增，盈利弹性持续释放