Jinwu Financial News | According to Haitong Securities Research, Master Kong Holdings (00322) disclosed the 2023 annual results announcement, which achieved revenue of 80.418 billion yuan (YOY 2.16%) and net profit of 3.117 billion yuan (YOY 18.43%). In addition, the company's 23 year cash dividend was 3.117 billion yuan (corresponding dividend payment rate of 99.98%).
According to the bank, the company's beverage business achieved revenue of 50.939 billion yuan (YOY 5.39%) in '23, and the business scale surpassed the 50 billion yuan mark. Benefiting from lower raw material prices and changes in the mix in '23, the gross margin of the beverage business rose 0.15 pct to 32.10% year on year. However, due to the year-on-year increase in the distribution cost ratio, the net profit of the beverage business decreased 8.57% year over year to 1.26 billion yuan.
The bank said that in 2023, the instant noodle market will face changes such as a shift in consumption scenarios, and the company will continue to consolidate core products and develop innovative flavor products to meet the diverse needs of consumers. Looking at specific categories: (1) container noodles achieved revenue of 13.507 billion yuan (YOY 0.09%); (2) high-priced bag noodles achieved revenue of 11.850 billion yuan (YOY -6.63%); (3) mid-price bag noodles achieved revenue of 2,984 million yuan (YOY -3.61%); (4) dried crispy noodles and others achieved revenue of 452 million yuan (YOY 28.75%). Maintain an “better than market” rating.