Jinwu Financial News | According to Shen Wan Hongyuan Research Report, Weilong Meishui (09985) released its 2023 annual report, achieving a turnover of 4.872 billion yuan, an increase of 5.2% over the previous year; realized profit attributable to the company's shareholders of 880 million yuan, an increase of 481.9%; achieved net adjusted net profit of 970 million yuan during the year, an increase of 6.3%. The company's performance was in line with market expectations.
Considering the impact of the decline in passenger traffic from traditional channels on sales of seasoned noodle products, the 24-25 profit forecast was lowered, and a 26-year forecast was added. The company's net profit for 2024-2026 was 10.33, 11.85, and 1,354 billion yuan (11.60 and 1,344 billion yuan in 24-25 years), up 17%, 15%, and 14% year over year, respectively. The latest closing price corresponding to 24-26 PE was 12x, 10x, and 9x, respectively, maintaining an increase rating. According to the bank, as a leading enterprise in the industry, the company has high brand awareness. Seasoned noodle products are expected to maintain steady growth, and vegetable products are expected to accelerate growth with channel advantages, becoming the company's second growth curve.