XIANGPIAOPIAO(SH:603711) Guohai Securities·2024-04-19 07:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1][17]. Core Views - The company has shown a steady recovery in its core brewing segment and a significant growth in its ready-to-drink segment, indicating a dual-driven strategy for profitability improvement [6][17]. - The company reported a revenue of 3.625 billion yuan in 2023, a year-on-year increase of 15.90%, and a net profit attributable to shareholders of 280 million yuan, up 31.04% year-on-year [2][6]. - The first quarter of 2024 saw revenues of 725 million yuan, a year-on-year increase of 6.76%, with a remarkable net profit growth of 331.26% [2][6]. Financial Performance - In 2023, the brewing and ready-to-drink segments generated revenues of 2.686 billion yuan and 901 million yuan, respectively, with year-on-year growth rates of 9.37% and 41.16% [6][8]. - The gross profit margin for 2023 was 37.53%, an increase of 3.73 percentage points year-on-year, with significant improvements in both brewing and ready-to-drink segments [8][9]. - The company’s net profit margin for 2023 was 7.73%, reflecting a year-on-year increase of 0.89 percentage points [8][9]. Future Projections - Revenue projections for 2024-2026 are estimated at 4.249 billion yuan, 4.722 billion yuan, and 5.216 billion yuan, with growth rates of 17%, 11%, and 10% respectively [9][19]. - The expected earnings per share (EPS) for 2024-2026 are 0.87 yuan, 1.12 yuan, and 1.28 yuan, with corresponding price-to-earnings (P/E) ratios of 20, 16, and 14 [9][19]. Strategic Developments - The company has enhanced its management capabilities by hiring over 600 professionals in the ready-to-drink segment and increasing the number of distributors significantly [17][19]. - The company is focusing on a dual-driven strategy in the tea and beverage markets, aiming for sustainable and stable growth [17][19].