Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 1.92 billion yuan in 2023, representing a year-on-year growth of 20.5%, and a net profit attributable to the parent company of 280 million yuan, up 36.9% year-on-year [1][2] - The coconut juice segment continues to grow rapidly, with revenue reaching 1 billion yuan, a 24.4% increase year-on-year, while canned fruit products also showed stable growth [2] - The overall gross margin improved significantly to 38.8%, an increase of 5.2 percentage points year-on-year, driven by a higher proportion of high-margin coconut juice products and a decrease in raw material costs [3] - The company is focusing on channel expansion and product innovation, aiming to increase its effective terminal points from 700,000 in 2023 to 1 million in 2024 [4] Summary by Sections Financial Performance - In Q4 2023, the company reported revenue of 620 million yuan, a 15.6% increase year-on-year, and a net profit of 100 million yuan, up 19.7% year-on-year [1] - Revenue from beverages and canned products was 1.14 billion yuan (+22.2%) and 760 million yuan (+16.9%), respectively [2] - The company expects net profits for 2024-2026 to be 334 million yuan, 391 million yuan, and 456 million yuan, with corresponding EPS of 0.75 yuan, 0.87 yuan, and 1.02 yuan [4] Market Strategy - The company is enhancing its channel management and aims to penetrate deeper into the market, particularly in the ready-to-drink segment [4] - The health consumption trend is expected to continue benefiting the coconut-based product category, with plans to leverage existing distribution channels for new product launches [4] Profitability Metrics - The overall net profit margin improved to 14.5%, an increase of 1.7 percentage points year-on-year, indicating steady enhancement in profitability [3] - The company anticipates continued growth in revenue and profitability, with projected revenue growth rates of 16.77%, 14.59%, and 12.25% for the next three years [6]
椰汁饮料增长提速，渠道精耕红利释放