延续高增长，百亿再启航

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a total revenue of 11.26 billion yuan in 2023, representing a year-on-year growth of 32.4%, and a net profit attributable to shareholders of 2.04 billion yuan, up 41.6% year-on-year [2] - The company plans to distribute 25 yuan per 10 shares to all shareholders [2] - The company aims for a revenue and net profit growth rate of no less than 20% in 2024 [2][3] Summary by Sections Financial Performance - In Q4 2023, the company reported revenue of 2.62 billion yuan, a year-on-year increase of 40.9%, and a net profit of 380 million yuan, up 39.7% [2] - The gross profit margin for the year was 43.1%, an increase of 0.75 percentage points year-on-year [2] - The net profit margin improved to 18.1%, up 1.2 percentage points year-on-year [2] Revenue Structure - Revenue from the main product, Dongpeng Special Drink, was 10.34 billion yuan, growing by 26.5%, while other beverages generated 910 million yuan, a significant increase of 187% [2] - Revenue by region showed strong performance, with notable growth in the Southwest (64.7%) and North China (64.8%) [2] Cost and Profitability - The company experienced a decrease in raw material costs, contributing to an overall improvement in profitability [2] - The financial forecast estimates net profits of 2.66 billion yuan, 3.32 billion yuan, and 4.07 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 6.65 yuan, 8.30 yuan, and 10.19 yuan [3][11] Growth Strategy - The company is diversifying its product offerings with new launches in hydration drinks, electrolyte beverages, sugar-free tea, coffee, and pre-mixed cocktails [2] - The company has established nine production bases across China and is enhancing its production and sales coordination capabilities [2]