ANDRE JUICE(605198) 国盛证券·2024-03-27 16:00Investment Rating - The report gives an "Accumulate" rating for the company, indicating a positive outlook for its stock performance in the coming months [55]. Core Insights - The company, Andeli, is a leading player in the global concentrated apple juice market, with growth driven by market share expansion, new product development, and strong governance [17][35]. - The concentrated apple juice market is characterized by stable demand, with China being a significant supplier, accounting for approximately 35% of global exports [53]. - The company has established stable partnerships with major global brands such as Pepsi and Coca-Cola, enhancing its market position [12][35]. Summary by Sections 1. Industry Overview - The concentrated apple juice market is experiencing steady growth, with demand primarily concentrated in developed countries while emerging markets like China are seeing increasing consumption [53]. - China is a crucial supplier, contributing around 49% of global apple production and 35% of global concentrated apple juice exports [53][46]. 2. Company Performance - Andeli has a strong production capacity with 18 production lines across multiple provinces in China, and its international revenue accounted for 62.89% of total revenue in 2023 [51][52]. - In 2023, the company reported a revenue of 876 million yuan, a decrease of 17.77% year-on-year, primarily due to reduced production in 2022 [7][11]. - The net profit for 2023 was 256 million yuan, reflecting a year-on-year increase of 31.48%, with a gross margin of 32.99% [7][11]. 3. Growth Drivers - Future growth is expected from three main areas: increased market share, expansion of new product lines, and strong governance structures that enhance profitability [17][35]. - The company is actively diversifying its product offerings, including high-value products like apple fructose and NFC apple juice, which are anticipated to contribute to profit growth [35]. 4. Financial Projections - The report forecasts that the company's net profit will reach 281 million yuan in 2024, 314 million yuan in 2025, and 346 million yuan in 2026, with corresponding P/E ratios of 37X, 33X, and 30X [55][56].