Jinwu Financial News | HAITONG SEC research pointed out that on March 5, U-PRESID CHINA (00220) disclosed its 2024 year-end performance announcement, achieving primary revenue of 30.332 billion yuan (YOY 6.1%) and a net income of 1.849 billion yuan (YOY 10.9%). In addition, the company announced a dividend of approximately 1.849 billion yuan (corresponding to a dividend payout ratio of 100%).
The firm indicated that in 2024, the company's beverage business is expected to generate 19.241 billion yuan (YOY 8.2%), and the company's beverage revenue has achieved a compound annual growth rate of 11.25% since 2020. Furthermore, the beverage segment's net profit margin in 2024 is expected to increase by 1.3 percentage points year-on-year to 12.2%. Looking ahead to 2025, the firm believes that with the company's continuous diversification and emphasis on freezing and digitalization, the beverage business is likely to maintain steady and rapid growth; benefiting from the company's ongoing optimization of flavors and enhancement of product strength, the food business is expected to generate revenue of 9.998 billion yuan in 2024 (YOY +1.5%), and the food segment's net profit margin is anticipated to rise by 1.9 percentage points year-on-year to 2.7%. Looking forward to 2025, the firm expects the food business to continue to improve due to the continuous enhancement of product strength.
The firm stated that it expects the company's total operating revenue for 2025-2027 to be 32.572/34.473/36.39 billion yuan, with corresponding net income of 2.045/2.267/2.515 billion yuan and EPS of 0.47/0.52/0.58 yuan/share. With reference to comparable companies' PE valuations, the firm gives the company a PE (2025E) valuation range of 16-20 times, corresponding to a per-share value range of 7.52-9.40 yuan/share. Calculating using the exchange rate of 0.93 for HKD to RMB (as of the close on 2025/03/10), the corresponding reasonable value range is 8.09-10.11 HKD/share, maintaining an "outperform the market" rating.
Today, after hitting the high near 24,000 in the early session and entering bearish positions, the index fell sharply by nearly over 600 points, immediately recouping yesterday's losses significantly.
Moreover, today it broke the new high again, reaching a maximum of 24,076, but by the end of the market, it fell back by about 70 points, producing a bearish candle. The current trend has not yet been broken, but from the previous low until now, it has risen close to 6,000 points. It is believed that those with positions can continue to hold until there is a clear trend reversal for profit-taking. Those without positions can wait for a pullback to get in. Actually, it is hoped for a quick pullback, as it allows for entry and also provides a healthy breath.
Currently, the outlook remains the same as before. It is believed that even if there is a pullback, it shouldn't be too deep. However, if Futures fail to stabilize and close below 22,350, there may still be room for decline. The chance of Futures falling below 21,400 in the short term should be low, so it is considered that if a significant pullback occurs, it presents a good opportunity to incrementally go long. Recently, there has been a consistent approach to not hold positions overnight, only focusing on immediate trades, as there is no high chasing and no casual short selling.
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