茶饮料实现高增，盈利能力持续提升

Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Insights - The company reported a revenue of 42.267 billion CNY for 2023, representing a year-on-year growth of 28.4%. The net profit attributable to shareholders was 12.079 billion CNY, a 42.4% increase compared to the previous year, exceeding market expectations. A dividend of 0.75 CNY per share was proposed, with a payout ratio of 69.8% [4] - The investment rating and valuation have been adjusted upwards for 2024-2025 due to the robust growth of the product matrix and continuous improvement in product and channel strength. The forecasted net profits for 2024-2026 are 13.9 billion CNY, 16.5 billion CNY, and 19.3 billion CNY, respectively, with year-on-year growth rates of 15%, 18%, and 17% [4] - The core bottled water business is expected to continue gaining market share due to multiple driving factors, including a differentiated positioning strategy and a focus on mid-to-large size packaging. The beverage business is anticipated to grow faster than the market average due to proactive positioning in the trends of sugar-free and premium consumption [4] Financial Data and Profit Forecast - The company achieved total revenue of 42.667 billion CNY in 2023, with a projected revenue of 50.183 billion CNY in 2024, reflecting an 18% year-on-year growth. The net profit for 2023 was 12.08 billion CNY, with forecasts of 13.948 billion CNY for 2024, indicating a 15% increase [5] - The earnings per share (EPS) for 2023 was 1.07 CNY, with projections of 1.24 CNY for 2024, and the return on equity (ROE) for 2023 was 42.28% [5] - The price-to-earnings (PE) ratios for 2024-2026 are projected to be 33x, 28x, and 24x, respectively, indicating a favorable valuation trend [4][5]