On March 6, one of the leading enterprises in China's FMCG industry, Uni-President China (00220HK) 2023 report card released!
During the period, the unified revenue was 2859.1 billion yuan, a year-on-year increase of 12%, a new high; Net profit attributable to the parent company 166.7 billion yuan, a year-on-year increase of 364%；Gross margin increased to 305%, an increase of 1 year-on-year5 percentage points.
After the results, Macquarie issued a research report saying that it maintained the "outperform" rating of Uni-President China EnterpriseThe target price was lowered from HK$8 to HK$7, which is in line with the valuation of its peers. The company's capital expenditure increased from 54.6 billion yuan increased to 10RMB7.9 billion, mainly invested in cold storage facilities in the sales channel, and it is estimated that the related investment will continue in the next few years.
Boosted by this positive news, on March 8, the share price of Uni-President China soared sharplyAt one point in early trading, it soared more than 17%, and as of press time, the stock was up 1568% to 5HK$68.
In 2023, which is defined as the year of consumption boost, the state has issued a series of policies and measures to promote consumption, focusing on expanding domestic demand and unleashing consumption potential.
With the accelerated recovery of the consumer market, the first decline in food raw materials, coupled with the development and innovation of emerging channels, most food and beverage companies found new growth points last year, and their profitability rebounded significantly, and the unified business conditions were similar.
According to the results of the first half of 2023, its revenue is 1457.2 billion yuan, net profit attributable to the parent company of 87.7 billion yuan, an increase of 4 percent year-on-year53% and 4269%。Based on this calculation, the company's revenue in the second half of the year was 1401.9 billion yuan, and the net profit attributable to the parent company was 7900 million yuan, compared with the results in the first half of the year, slightly inferior.
It is worth mentioning that at the beginning of 2023, the unified management proposed a revenue target of "achieving 50 billion within 5 years". In this regard,Most investors in the market believe that unified growth can only be achieved by relying on "beverages".
In fact, this view is not unfounded. Uni-President said in its financial report that since 2020, the group's revenue has grown at a compound annual growth rate of 79%。Among them, the compound annual growth rate of beverage revenue reached 123%。
From the perspective of the two main businesses, in 2023, the performance of unified beverages and food will be significantly polarized and mixed.
Specifically, in recent years, the proportion of the unified beverage business has been rising, and it has become the main source of unified revenue growth, and it is also the business with the highest profit margin.
In 2023, the revenue of the unified beverage business will be 1777.6 billion yuan, a year-on-year increase of 84%, accounting for 62 percent of the company's total revenue17%, an increase of 4 year-on-year11 percentage points, the net profit margin of beverages was 109%, down 60 basis points year-on-year.
Among them, the performance of tea, juice and milk tea all increased, with revenue of 75 during the period800 million yuan, 340.4 billion yuan, 630.5 billion yuan, a year-on-year increase.
Among them, the electrolyte beverage category - "Words of the Sea" seized the outlet of electrolyte drinks in the post-epidemic era, and its revenue showed a high double-digit year-on-year growth, becoming a highlight of the beverage sector in 2023. In addition,The unified "Assam Milk Tea" is also still strong, firmly in the leading position in the industry, and at the same time helped the annual milk tea business revenue to exceed 6 billion yuan.
Compared with the steady growth of the unified beverage business, the food business segment can hardly be described as "declining".。Uni-President's food business is instant noodle-based convenience food, and after experiencing the best growth during the epidemic, the instant noodle market will decline again in 2023.
In 2023, the revenue of the unified food business will be 984.7 billion yuan, a year-on-year decrease of about 105%, accounting for 3444%, a year-on-year decrease of 452 percentage points, a decline of 6 compared with 202096 percentage points. This part of the decline was mainly due to the decline in revenue of the instant noodle business. Among them, the revenue of instant noodles is 959.4 billion yuan, a year-on-year decrease of about 96%。
When talking about the performance of this part, Tongyi said that in 2023, as the epidemic subsides, consumption will expand steadily, market demand will gradually recover and pick up, and consumption will tend to be rational; The development of the instant noodle market has undergone significant and drastic changes, mainly reflected in the shift of consumption scenarios, but cost-effective products are still the mainstream consumption, and more attention is paid to health, safety and innovation.
It is reported that Tang Daren and Tongyi Laotan Sauerkraut Beef Noodles are the star products of Tongyi instant noodles, but there is no specific revenue data mentioned in the financial report as before.
Behind this change, a new round of taste homogenization competition has become a factor that cannot be ignored. However, the deeper problem lies in the fact that with the return of economic order, the gradual recovery of the consumer market, the return of offline catering and takeaway to normal, the rigid demand of the entire instant noodle industry is declining, and the demand for taste is undergoing new changes.
In recent years, in the face of changes in the instant noodle market, Uni-President is also constantly seeking new flashpoints. For example, the launch of "Eggplant Emperor" in recent years has also ushered in the dawn of the food business segment, which tends to decline. It is reported that the "Eggplant Emperor" brand is defined as a pioneer of tomato ready-to-eat deliciousness, constantly excavating the deliciousness of tomatoes, continuously enriching the brand definition, empowering the brand, and adhering to the seasoning standard of "a Xinjiang tomato". Unified representation,".In the past three years, the compound annual growth rate of "Eggplant" revenue has doubled.
While the revenue of new products increased, palm oil*** also increased the net profit margin of the food business by 07 percentage points, profitability improved slightly.
It is also worth noting that in order to find new increments, Uni-President is actively laying out a new blue ocean in the trillion-level market - prefabricated dishesThe company's "Kaixiaozao" brand has launched a series of new private dishes such as sour and cool golden soup fat beef, tiger skin braised pork, Laotan sauerkraut fish, and new microwave rice series such as black pepper beef fried rice and Yangzhou style fried rice.
Generally speaking, the unified entry into the prefabricated food track may bring greater market opportunities, but in view of some controversies in the current prefabricated food industry, the risk of unification is not small.
Based on the sharp rise in the stock price of China's Hong Kong stock company after the results, firstly, the double increase in profit was better than the previous market expectations, and secondly, the generous dividend payout, which made investors excited. According to the financial report, the unified board of directors recommended the payment of a final dividend of 42 per share45 cents, with a total dividend of RMB 183.3 billion yuan.
Author: Bottle.