Investment Rating - The report maintains an "Outperform" rating for the company [1][5][15] Core Views - The company reported a revenue of 30.33 billion RMB for 2024, reflecting a year-on-year growth of 6.1%, and a net profit of 1.849 billion RMB, up 11% year-on-year. The performance aligns with expectations [5][6] - The company plans to distribute a final cash dividend of 0.43 RMB per share, totaling approximately 1.849 billion RMB, with a payout ratio of about 100% [5][6] - The report slightly adjusts the profit forecasts for 2025-2026 due to uncertainties in commodity prices and competitive pressures, while introducing a forecast for 2027 [5][6] - The company is expected to achieve net profits of 2.07 billion RMB, 2.28 billion RMB, and 2.50 billion RMB for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 12%, 10%, and 9% [5][6] Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2023: 28.591 billion RMB - 2024: 30.332 billion RMB - 2025E: 32.353 billion RMB - 2026E: 34.186 billion RMB - 2027E: 35.964 billion RMB - Net profit projections are: - 2023: 1.667 billion RMB - 2024: 1.849 billion RMB - 2025E: 2.070 billion RMB - 2026E: 2.283 billion RMB - 2027E: 2.497 billion RMB - The earnings per share (EPS) are projected to be 0.39 RMB, 0.43 RMB, 0.48 RMB, 0.53 RMB, and 0.58 RMB for the years 2023 to 2027 respectively [2][6] Market Data - As of April 11, 2025, the closing price of the company's stock is 8.89 HKD, with a market capitalization of 38.399 billion HKD [3][4] - The stock has a 52-week high of 9.43 HKD and a low of 5.62 HKD [3][4] Business Performance - The company's food and beverage segments reported revenues of 99.98 billion RMB and 192.4 billion RMB respectively for 2024, with year-on-year growth rates of 1.5% and 8.2% [5] - The beverage segment's growth is attributed to the expansion of product categories and improved market presence, with specific products like green tea and fruit juice showing double-digit growth [5]
统一企业中国（00220）：业绩符合预期，延续高分红