Investment Rating - The report maintains an "OUTPERFORM" rating for the company with a target price of Rmb 18.00, indicating a potential upside from the current price of Rmb 15.00 [27][32]. Core Views - The company achieved revenue of Rmb 1.92 billion in 2023, representing a year-on-year growth of 20.5%, and a net profit of Rmb 278 million, up 36.9% year-on-year [29][31]. - The coconut juice segment surpassed Rmb 1 billion in revenue, with significant growth driven by increased distribution points and product diversification [31]. - The gross margin improved to 38.7% in 2023, supported by a higher proportion of high-margin coconut juice sales and a decrease in raw material costs [31]. Summary by Sections Financial Performance - Revenue projections for 2024-2026 are Rmb 2.23 billion, Rmb 2.53 billion, and Rmb 2.82 billion respectively, with corresponding net profits of Rmb 344 million, Rmb 409 million, and Rmb 471 million [28][32]. - The company’s EPS is expected to grow from Rmb 0.62 in 2023 to Rmb 1.05 by 2026, reflecting strong earnings growth [28][32]. Market Position - The company is positioned as a leading player in the A-share market, benefiting from product innovation and channel diversification [32]. - The report highlights the company's strategy to expand its market presence, aiming to increase the number of distribution points from 700,000 to 1 million [31]. Investment Strategy - The report suggests that the company will continue to focus on traditional business channels while also launching new products to drive revenue growth [31]. - Share buybacks and increased dividends are seen as indicators of the company's confidence in long-term growth [31].
2023年报点评：椰子汁突破十亿大关，回购、分红彰显发展信心