Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance [10]. Core Insights - The company demonstrated strong financial performance in 2023, with revenue, net profit attributable to shareholders, and net profit excluding non-recurring items reaching 1.923 billion, 278 million, and 271 million yuan respectively, representing year-on-year growth of 20.47%, 36.87%, and 37.17% [7]. - The company is expected to continue its growth trajectory, with projected revenues of 2.254 billion, 2.611 billion, and 2.983 billion yuan for 2024, 2025, and 2026, respectively, reflecting growth rates of 17.24%, 15.85%, and 14.23% [21]. - The company is focusing on expanding its product offerings and enhancing brand presence, particularly in the ready-to-drink segment, which is anticipated to drive further growth [15]. Financial Performance - In 2023, the company achieved a gross margin of 38.75% and a net profit margin of 14.48%, both showing improvements from the previous year [20]. - The company’s revenue from coconut juice and fruit cans reached 1 billion and 709 million yuan respectively, with year-on-year growth of 24.37% and 17.49% [12]. - The company’s total market capitalization is 6.6 billion yuan, with a circulating market capitalization of 1.3 billion yuan [3]. Product and Market Strategy - The company is actively expanding its distribution channels, with a total of 2,157 cooperative distributors by the end of 2023, an increase of 255 from the previous year [12]. - The company plans to enhance its brand marketing efforts, including partnerships with sports figures to strengthen its market presence [15]. - The company is also exploring new sales channels, including B2B, e-commerce, and snack retail, which are expected to contribute to revenue growth [15].
品牌产品渠道齐发力，即饮有望助力公司新突破