Glonghui, March 8 | UBS released a report saying that the revenue and EBITDA of unified enterprise China for the year ended December last year were generally in line with expectations; driven by lower tax expenses, net profit for the period increased by more than 36% year-on-year to 1,667 billion yuan, higher than the market's general expectation of 1,576 billion yuan. Excluding the disposal revenue of the Hefei plant of about 256 million yuan in 2023, the bank estimates that its recurring net profit for the previous year was recorded at 1,411 million yuan. The gross margin and net profit margin of pasta products increased to 25.5% and 0.8% during the period, mainly due to lower raw material costs and more accurate cost control measures. However, UBS pointed out that although the Group's gross margin has returned to the level of 2021, the net profit margin has not fully recovered. It has maintained a “buy” rating, and raised the earnings per share estimates by 3% for each year from 2024 to 2026, and raised the target price slightly from HK$6.64 to HK$6.83.