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统一企业中国(00220.HK):业绩超预期 股息仍具吸引力
Ge Long Hui· 2025-08-09 18:42
Core Viewpoint - The company reported better-than-expected revenue growth and accelerated profit release in H1 2025, driven by improved capacity utilization and reduced raw material costs [1][2]. Group 1: Financial Performance - In H1 2025, the company achieved revenue of 17.087 billion RMB, a year-on-year increase of 10.6%, and a net profit attributable to shareholders of 1.287 billion RMB, up 33.2% [1]. - The gross margin improved to 34.3%, an increase of 0.5 percentage points year-on-year, indicating enhanced profitability [1]. - Operating profit reached 1.649 billion RMB, growing 33.7% year-on-year, with the operating profit margin rising from 8.0% to 9.6% [1]. Group 2: Beverage Business - The beverage segment generated revenue of 10.788 billion RMB in H1 2025, reflecting a 7.6% year-on-year growth [1]. - The tea category performed particularly well, with revenue of 5.067 billion RMB, a 9.1% increase, benefiting from the company's multi-tiered approach in the low-sugar and no-sugar tea market [1]. - The beverage segment maintained a high gross margin of 39.4%, up 1.4 percentage points year-on-year, significantly contributing to the group's profits [1]. Group 3: Food Business - The food segment reported revenue of 5.382 billion RMB in H1 2025, an 8.8% year-on-year increase, outperforming the industry [2]. - The company focused on high-end products and innovative categories, with brands like "满汉大餐" and "茄皇" achieving double-digit growth [2]. - The gross margin for the food segment was 26.8%, slightly down by 0.4 percentage points year-on-year, but the strategy of high quality and cost-effectiveness is expected to continue boosting sales [2]. Group 4: Cash Flow and Dividends - As of June 30, 2025, the company had cash and cash equivalents of 9.355 billion RMB, with operating cash inflow of approximately 872 million RMB in H1 2025 [2]. - The company has maintained a consistent dividend payout ratio of 100% over the years, with an expected dividend yield of 5.7% based on the current market capitalization [2]. Group 5: Investment Outlook - Despite the strong performance in H1 2025, the company may face increased competition in H2 2025 from delivery platforms and other beverage manufacturers [3]. - Revenue projections for 2025-2027 remain unchanged at 32.45 billion RMB, 34.19 billion RMB, and 36.00 billion RMB, with year-on-year growth rates of 7.0%, 5.4%, and 5.3% respectively [3]. - The target price remains at 12.1 HKD, with an upside potential of 25.7%, maintaining an "outperform the market" rating [3].
统一企业中国(00220):业绩超预期,股息仍具吸引力
Investment Rating - The report maintains an "Outperform" rating for Uni-President China Holdings with a target price of HK$12.10, representing an upside potential of 25.7% from the current price of HK$9.62 [2][5]. Core Insights - The company's revenue growth exceeded expectations, with a reported revenue of RMB 17.087 billion in H1 2025, marking a year-on-year increase of 10.6%. The net profit attributable to shareholders was RMB 1.287 billion, up 33.2% year-on-year [3][10]. - The gross profit margin improved to 34.3% in H1 2025, an increase of 0.5 percentage points year-on-year, indicating enhanced profitability due to better capacity utilization and lower raw material costs [3][10]. - The beverage segment showed steady growth, achieving revenue of RMB 10.788 billion in H1 2025, a 7.6% increase year-on-year, with the tea category performing particularly well [11][12]. - The food business also outperformed expectations, generating RMB 5.382 billion in revenue, an 8.8% increase year-on-year, driven by high-end product launches and innovative marketing strategies [12]. Financial Summary - Revenue projections for 2025, 2026, and 2027 are RMB 32.454 billion, RMB 34.192 billion, and RMB 35.998 billion, respectively, with year-on-year growth rates of 7.0%, 5.4%, and 5.3% [5][14]. - Net profit forecasts for the same period are RMB 2.172 billion, RMB 2.396 billion, and RMB 2.622 billion, corresponding to EPS of RMB 0.50, RMB 0.55, and RMB 0.61, with growth rates of 17.4%, 10.3%, and 9.4% [5][14]. - The company maintains a strong cash position with RMB 9.355 billion in cash and cash equivalents as of June 30, 2025, and a consistent dividend payout ratio of 100% [13][14].