XIANGPIAOPIAO(603711) Minsheng Securities·2024-04-19 07:31Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 17.66 yuan [14][15]. Core Insights - The company achieved a revenue of 3.625 billion yuan and a net profit attributable to shareholders of 280 million yuan in 2023, representing a year-on-year growth of 15.90% and 31.04% respectively [14]. - The company’s revenue for Q4 2023 was 1.647 billion yuan, with a net profit of 277 million yuan, showing a year-on-year increase of 3.06% in revenue but a decline of 4.20% in net profit [14]. - In Q1 2024, the company reported a revenue of 725 million yuan, a year-on-year increase of 6.76%, and a net profit of 25.21 million yuan, marking a significant turnaround with a growth of 331.26% [14]. - The company’s dividend payout ratio increased to 51.29% in 2023, up from 30.73% in 2022 [14]. Revenue Breakdown - The company’s instant drink products saw a revenue increase of 41.16% in 2023, with Q4 2023 and Q1 2024 revenues of 1.59 billion yuan and 2.34 billion yuan respectively, reflecting year-on-year growth of 60.09% and 10.12% [14]. - The revenue from the brewing category for 2023 was 2.686 billion yuan, with a year-on-year growth of 9.37% [14]. - The company has established a national sales network covering major cities and counties, with a total of 1,332 distributors by the end of 2023, an increase of 273 distributors [14]. Financial Performance - The gross profit margin for the company in 2023 was 37.53%, an increase of 3.73 percentage points year-on-year [14]. - The sales and management expense ratios were 23.73% and 6.28% respectively, with sales expenses increasing due to higher advertising and market promotion costs [14]. - The net profit margin for 2023 was 7.73%, reflecting an increase of 0.89 percentage points year-on-year [14]. Future Projections - The company is expected to achieve net profit growth of 21.9%, 23.3%, and 17.8% for the years 2024, 2025, and 2026 respectively, with projected net profits of 342 million yuan, 421 million yuan, and 496 million yuan [14]. - The current price-to-earnings (P/E) ratios for the next three years are projected to be 21, 17, and 15 respectively [14].