XIANGPIAOPIAO(SH:603711) Tai Ping Yang·2024-04-22 01:30Investment Rating - The report maintains a "Buy" rating for the company with a target price of 21.53, compared to the last closing price of 16.98 [1][5]. Core Insights - The company reported a revenue of 3.625 billion yuan for 2023, representing a year-on-year increase of 15.90%. The net profit attributable to shareholders was 280 million yuan, up 31.04% year-on-year [2][5]. - In Q1 2024, the company achieved a revenue of 725 million yuan, a year-on-year increase of 6.76%, with a net profit of 25 million yuan, showing a significant increase of 331.26% year-on-year [2][5]. - The company has seen strong growth in its ready-to-drink segment, with a revenue increase of 41.16% to 901 million yuan in 2023, driven by successful new product launches and effective distribution strategies [2][5]. Financial Summary - The company expects revenues of 4.206 billion yuan in 2024, 4.801 billion yuan in 2025, and 5.429 billion yuan in 2026, with growth rates of 16%, 14%, and 13% respectively [6]. - The net profit is projected to be 354 million yuan in 2024, 450 million yuan in 2025, and 538 million yuan in 2026, with corresponding growth rates of 26%, 27%, and 19% [6]. - The report indicates an improvement in gross margin, which increased by 3.73 percentage points to 37.53% in 2023, with expectations for further increases in the coming years [2][5].