XIANGPIAOPIAO(SH:603711) Orient Securities·2024-04-19 10:31Investment Rating - The report maintains a "Buy" rating for the company with a target price of 21.51 yuan, based on a calculated equity value of 88.36 billion yuan [3][5]. Core Insights - The company's core performance shows a revenue of 3.63 billion yuan in 2023, representing a year-over-year increase of 15.9%, and a net profit attributable to the parent company of 280 million yuan, up 31% year-over-year [2]. - The company’s product segments, "brewing" and "ready-to-drink," generated revenues of 2.686 billion yuan (up 9.4%) and 901 million yuan (up 41.2%) respectively in 2023 [2]. - The company plans to continue its "dual-driven" strategy in 2024, focusing on innovation in brewing products and expanding the ready-to-drink segment [2]. Financial Summary - The company’s revenue is projected to grow from 3.63 billion yuan in 2023 to 4.28 billion yuan in 2024, with a year-over-year growth rate of 18.1% [4]. - The gross margin improved to 37.5% in 2023, an increase of 3.7 percentage points year-over-year, attributed to a decrease in raw material costs and enhanced scale effects [2][4]. - The forecasted earnings per share for 2024, 2025, and 2026 are 0.84 yuan, 1.03 yuan, and 1.19 yuan respectively [3][4].