NONGFU SPRING(09633) 西南证券·2024-03-28 16:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a significant increase in revenue and net profit for 2023, with total revenue reaching 42.67 billion yuan, up 28.4% year-on-year, and net profit attributable to shareholders at 12.08 billion yuan, up 42.2% year-on-year [2] - The growth was driven by strong performance in the packaged water and tea beverage segments, with packaged water sales at 20.26 billion yuan (up 10.9%) and tea beverages at 12.66 billion yuan (up 83.8%) [2] - The company has improved its profitability through cost management, achieving an overall gross margin of 59.5%, up 2.1 percentage points year-on-year, and a net profit margin of 28.3%, up 2.8 percentage points year-on-year [2] Summary by Sections Financial Performance - For 2023, the company achieved total revenue of 42.67 billion yuan and a net profit of 12.08 billion yuan, with significant growth in the second half of the year [2][4] - Revenue breakdown by product category includes packaged water (20.26 billion yuan), tea beverages (12.66 billion yuan), functional beverages (4.90 billion yuan), juice beverages (3.53 billion yuan), and other products (1.31 billion yuan) [2] Profitability and Cost Management - The company has seen a notable improvement in profitability, with a gross margin of 59.5% and a net profit margin of 28.3% [2] - The sales, management, and financial expense ratios have improved, indicating effective cost control measures [2] Future Outlook - The company forecasts net profits of 15.39 billion yuan, 18.99 billion yuan, and 22.61 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 1.37 yuan, 1.69 yuan, and 2.01 yuan [3][4] - The projected growth rates for revenue are 23.0% in 2024, 20.7% in 2025, and 17.0% in 2026, indicating a strong growth trajectory [4]