XIANGPIAOPIAO(SH:603711) EBSCN·2024-04-18 10:01Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [3][9]. Core Insights - The company achieved a revenue of 3.63 billion yuan in 2023, representing a year-on-year growth of 15.9%, with a net profit of 280 million yuan, up 31% year-on-year [9]. - The ready-to-drink (RTD) business has shown significant growth, with a 41.2% increase in revenue, while the brewed products segment experienced a moderate recovery with a 9.4% revenue growth [9][11]. - The company is focusing on product innovation and channel optimization to drive growth, with new flavors and products launched in both RTD and brewed categories [2][11]. Financial Summary - Revenue projections for 2024-2026 are adjusted to 4.23 billion yuan, 4.85 billion yuan, and 5.50 billion yuan respectively, with corresponding net profit estimates of 343 million yuan, 406 million yuan, and 479 million yuan [3][4]. - Earnings per share (EPS) for 2024-2026 are forecasted at 0.84 yuan, 0.99 yuan, and 1.17 yuan, with price-to-earnings (P/E) ratios of 20x, 17x, and 14x respectively [3][4]. - The company's gross margin improved to 37.5% in 2023, reflecting better cost management and channel structure optimization [9][11]. Business Performance - The company has established an independent sales team for the RTD segment, which has stabilized after a year of operation, contributing to the successful launch of new products [2]. - The brewed product line is being modernized with a focus on health, introducing products like oat milk tea and concentrated liquids, which have received positive market feedback [2][11]. - The company is expanding its distribution network, with approximately 130,000 retail points for its RTD products by the end of September 2023 [2].