Investment Rating - The report maintains a "Buy" rating for China Resources Beer (0291.HK) [1] Core Views - The company achieved a revenue of 38.93 billion yuan in 2023, representing a year-on-year growth of 10.4%, and a net profit attributable to shareholders of 5.15 billion yuan, up 18.6% year-on-year [2] - The beer sales volume reached 11.15 million tons, with a slight increase of 0.5% year-on-year, while the premium segment saw a significant growth of 18.9% [2] - The overall gross margin improved to 41.4%, an increase of 2.9 percentage points year-on-year, driven by cost reductions and a successful shift towards higher-end products [2] - The company plans to continue focusing on its core brands and expects double-digit growth in the premium segment in 2024 [2] Summary by Sections Financial Performance - Revenue for 2023 was 38.93 billion yuan, with a growth rate of 10.4% [3] - Net profit attributable to shareholders was 5.15 billion yuan, with a growth rate of 18.6% [3] - The company’s gross margin for 2023 was 41.4%, up 2.9 percentage points from the previous year [2][3] Sales and Volume - Total beer sales volume was 11.15 million tons, with a year-on-year increase of 0.5% [2] - Premium beer sales volume increased by 18.9%, contributing to a higher overall sales mix [2] Profitability and Margins - The overall net profit margin improved to 13.4%, an increase of 1.1 percentage points year-on-year [2] - The company’s EBIT for 2023 was 7.03 billion yuan, reflecting a growth of 28.7% [2] Future Outlook - EPS forecasts for 2024, 2025, and 2026 are 1.85 yuan, 2.11 yuan, and 2.37 yuan respectively, with corresponding dynamic PE ratios of 19x, 17x, and 15x [2][3] - The company anticipates continued growth in both beer and liquor segments, with a focus on premiumization and brand development [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6] Core Views - The company reported a revenue of 38.93 billion yuan for 2023, representing a year-over-year increase of 10.4%, and a net profit attributable to shareholders of 5.15 billion yuan, up 18.6% year-over-year. The performance for the second half of 2023 showed a revenue of 15.06 billion yuan, a year-over-year increase of 5.7%, but a net profit decline of 7.0% year-over-year [1] - The beer business saw a revenue of 36.87 billion yuan, with a volume of 11.15 million tons, and an average price of 3,306 yuan per ton, reflecting a 4.5% increase in revenue year-over-year. Premium and above beer sales grew by 18.9% to 2.5 million tons, with Heineken sales increasing nearly 60% to 600,000 tons [1] - The gross margin improved to 40.2%, an increase of 1.7 percentage points year-over-year, primarily due to price increases. The sales expense ratio was 20.7%, up 1.6 percentage points year-over-year, while the management expense ratio decreased by 0.8 percentage points to 8.6% [1] - The white liquor segment experienced a revenue decline, with a total income of 2.07 billion yuan and an EBIT of 130 million yuan. The company is implementing a strategy to stabilize prices and reduce inventory, with a 30% decrease in distributor inventory by the end of 2023 [1] Financial Summary - The company forecasts earnings per share of 1.59 yuan, 1.88 yuan, and 2.18 yuan for 2023, 2024, and 2025 respectively, with a target price of 40.81 HKD based on a 20x P/E ratio for 2024 [2][6] - The projected revenue for 2024 and 2025 is 41.87 billion yuan and 44.3 billion yuan, respectively, with year-over-year growth rates of 7.5% and 5.8% [3][10] - The gross margin is expected to increase to 44.9% in 2024 and 46.4% in 2025, reflecting ongoing improvements in pricing and cost management [3][10]

Investment Rating - The report maintains a "Buy" rating for China Resources Beer [1][6] Core Views - The company achieved a revenue increase of 10.4% year-on-year to 38.932 billion RMB and a net profit increase of 18.6% to 5.153 billion RMB in 2023, driven by strong sales growth in premium and above beer segments and steady development in the liquor business [2][4] - The beer business saw a revenue increase of 4.5% to 36.865 billion RMB, with EBIT rising by 30.6% to 6.889 billion RMB, and a gross margin improvement of 1.7 percentage points to 40.2% [2][3] - The liquor business generated revenue of 2.067 billion RMB, with EBIT of 130 million RMB, and the company completed the acquisition of a 55.19% stake in Guizhou Jinsha [2][3] Summary by Sections Recent Performance - In 2023, the company reported a revenue of 38.932 billion RMB, a year-on-year increase of 10.4%, and a net profit of 5.153 billion RMB, up 18.6% [4] - The basic earnings per share were 1.59 RMB, with a proposed final dividend of 0.349 RMB per share and a special dividend of 0.3 RMB per share, resulting in a payout ratio of 59%, an increase of 19 percentage points from 2022 [4] Business Segments - Beer Business: Revenue increased by 4.5% to 36.865 billion RMB, with EBIT up 30.6% to 6.889 billion RMB. The gross margin improved to 40.2%, and the net profit margin reached 14.2% [2][3] - Liquor Business: Revenue was 2.067 billion RMB, with EBIT of 130 million RMB. Adjusted EBIT, excluding intangible asset amortization from the acquisition, was 797 million RMB [2][3] Future Outlook - The company is expected to continue enhancing its product mix, driving premium sales growth, and solidifying the Heineken brand's position in the market [2][3] - Revenue forecasts for 2024-2026 are projected at 41.463 billion RMB, 44.263 billion RMB, and 46.668 billion RMB, respectively, with corresponding net profits of 5.968 billion RMB, 6.953 billion RMB, and 8.046 billion RMB [6][7]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 49.24 HKD, based on the current price of 37.20 HKD [8]. Core Insights - The company reported a revenue of 38.932 billion CNY for 2023, representing a year-on-year growth of 10.40%, and a net profit attributable to shareholders of 5.153 billion CNY, which is an 18.62% increase compared to the previous year [2][6]. - The beer business achieved a sales volume of 11.151 million kiloliters in 2023, with a slight increase of 0.5%. The average price per ton of beer rose by 4.03% to 3,305.98 CNY, driven by product upgrades and increased sales of premium products [3][4]. - The company is actively implementing cost reduction and efficiency improvement measures, resulting in a gross margin of 40.16% for the beer business, an increase of 1.7 percentage points year-on-year [4]. - The white liquor segment generated a revenue of 2.067 billion CNY with an EBIT of 130 million CNY, indicating a focus on appealing to younger consumers through new product offerings [5]. Financial Summary - The company forecasts revenues of 41.974 billion CNY, 44.679 billion CNY, and 47.306 billion CNY for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 7.81%, 6.44%, and 5.88% [6][7]. - The projected net profits for the same years are 6.128 billion CNY, 7.131 billion CNY, and 7.850 billion CNY, with growth rates of 18.91%, 16.37%, and 10.08% [6][7]. - The report provides an EPS forecast of 1.89 CNY, 2.20 CNY, and 2.42 CNY for 2024, 2025, and 2026, respectively [6][7].

[Table_MainInfo] 公司研究/饮料 证券研究报告 华润啤酒（0291.HK）公司公告点评 2024年03月21日 [Table_InvestInfo] 投资评级 优于大市 维持 啤酒稳健白酒蓄势，特别股息回馈股东 股票数据 [Table_Summary] 投资要点： [Table_StockInfo] 03 月 21 日收盘价 (HKD) 38.15 52周股价波动(HKD) 28.15-64.75 ⚫ 事件。公司发布业绩公告：2023 年公司实现营业总收入 389.32 亿元，同比 股本结构 +10.4%，归母净利润 51.53 亿元，同比+18.6%；其中23H2 公司实现营业总收 [总Ta股b本le（_C百a万p股ita）lI nfo] 入150.61亿元，同比+5.7%，归母净利润5.04亿元，同比-7.0%。 3244/3244 总市值/流通市值 （百万HKD） 123759/123759 ⚫ 次高以上韧性仍足，喜力延续高增长。23 年公司啤酒板块延续量价齐升，实现 销量1115.1万千升，同比+0.5%，我们测算均价约3306元/千升，同比+4.0%。 相关研究 其中23H2公司销量 ...

研究报告Research Report 20 Mar 2024 华润啤酒 China Resources Beer Holdings (291 HK) 2023 年报点评：国内啤酒业务销量、收入、利润均第一 Rank first in sales, revenue, and profit in the domestic beer business [观Ta点ble聚_y焦em Ieniv1e]s tment Focus [Tab维le_持Info优] 于大市Maintain OUTPERFORM (Please see APPENDIX 1 for English summary) 事件。23年公司实现营收389.3亿元，同比+10.4%，核心 EBIT 71.0 评级 优于大市OUTPERFORM 亿元，同比+30.0%，归母净利润 51.5 亿元，同比+18.6%。23H2公 现价 HK$37.20 目标价 HK$56.00 司实现营收 150.6 亿元，同比+5.7%，核心 EBIT 7.6 亿元，同比 +151.8%，归母净利润5.0亿元，同比-7.0%。 HTI ESG 2.6-2.0-4.0 E- ...

Investment Rating - The investment rating for China Resources Beer is "Buy" [1][2][8] Core Views - In 2023, the company achieved a revenue of 38.932 billion yuan, a year-on-year increase of 10.4%, and a net profit attributable to shareholders of 5.153 billion yuan, up 18.6% year-on-year. The beer business revenue was 36.865 billion yuan, with a total beer sales volume of 11.151 million kiloliters, a slight increase of 0.5% year-on-year. The high-end product sales volume increased by 18.9% to 2.5 million kiloliters, with Heineken sales growing nearly 60% [1][4][5][6] Summary by Sections Financial Performance - In 2023, the company reported a total revenue of 38.932 billion yuan, with a net profit of 5.153 billion yuan. The beer business contributed 36.865 billion yuan in revenue, with a total sales volume of 11.151 million kiloliters. The high-end product sales volume increased by 18.9% to 2.5 million kiloliters, while Heineken sales volume exceeded 600,000 kiloliters, growing nearly 60% year-on-year [1][4][5] Profitability and Cost Management - The overall gross margin for the company was 41.4%, with the beer business gross margin at 40.2%, an increase of 1.7 percentage points year-on-year. Cost pressures eased significantly compared to 2022, primarily due to a decline in packaging costs. The effective tax rate returned to 26.3%, up 5.0 percentage points year-on-year, which limited the net profit margin increase to 13.2%, up 0.92 percentage points year-on-year [1][5][6] Business Strategy and Outlook - The company will continue to focus on high-end products such as Heineken, Pure Draft, and SuperX, with plans for nationwide expansion in 2024. The white wine business is expected to gain momentum with new product launches, following significant inventory clearance and price stabilization efforts in 2023 [1][6][7][8] Earnings Forecast - The company maintains its earnings forecast, expecting total revenue of 41.538 billion yuan in 2024, 44.183 billion yuan in 2025, and 46.926 billion yuan in 2026, with year-on-year growth rates of 6.7%, 6.4%, and 6.2% respectively. The net profit attributable to shareholders is projected to be 6.027 billion yuan in 2024, 6.996 billion yuan in 2025, and 8.101 billion yuan in 2026, with corresponding year-on-year growth rates of 17.0%, 16.1%, and 15.8% [1][3][8]

Investment Rating - The investment rating for China Resources Beer is "Buy" [1][4]. Core Views - The company's performance met expectations, with a special dividend announced. The beer business continues to upgrade its structure, while the liquor business is gradually stabilizing. The current stock price corresponds to a 2024 PE of 19X, maintaining a "Buy" rating [4]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 38.932 billion RMB, a year-on-year increase of 10%. The net profit attributable to shareholders was 5.153 billion RMB, up 19% year-on-year, and core EBIT was 7.102 billion RMB, reflecting a 30% increase [4][5]. - The beer business saw a revenue growth of 5%, with core EBIT increasing by 28% and after-tax profit growth of 5%. The liquor business contributed a revenue of 2.067 billion RMB and a net profit of 130 million RMB [4]. Business Segments - The beer business's sales volume increased by 0.5% in 2023, with a price per ton rising by 4%. In the second half of 2023, the price per ton increased by 2.8%. The company aims for a sales volume of 3-3.5 million kiloliters for premium products by 2025 [4]. - The liquor business is expected to see double-digit growth in both revenue and profit in 2024 [4]. Cost and Margin Analysis - The company's gross margin for 2023 was 41.4%, an increase of 2.9 percentage points year-on-year. The beer business's gross margin improved by 1.7 percentage points to 40.2% [4]. - The beer business's cost per ton rose by 1.1% year-on-year, with a 4.1% increase in the second half of 2023. Cost pressures are expected to ease in 2024, leading to further improvements in gross margin [4].

[Table_Page] 公告点评|食品、饮料与烟草 证券研究报告 [华Table_润Title] 啤酒(00291.HK/00291.HK) 公[Ta司ble_评Inve级st] 买入 当前价格 37.20港元 业绩符合预期，期待啤白新发展 合理价值 40.0港元 前次评级 买入 [ 核Tabl 心e_Su 观mm 点ary] ： 报告日期 2024-03-19 ⚫ 全年如期收官，业绩符合预期。公司2023年实现营收同比+10.4%至 相[Ta对ble市_Pi场cQu表ote现] 389.3亿元，归母净利润同比+18.6%至51.5亿元，符合预期。 ⚫ 量价符合预期，高端化持续推进。2023 年公司啤酒业务营收同比 10% +4.5%至368.7亿元，其中销量/ASP分别同比+0.5%/4.0%至1115万 -3% 03/23 05/23 07/23 09/23 11/23 01/24 千升/3306.0 元/千升，次高及以上产品销量同比+18.9%至 250 万千 -15% 升，占比提升3.5pct至18.9%，其中喜力销量同比增长近60%。23H2 -27% 公司销量/ASP分别同比-4.6%/+2.8 ...

Investment Rating - The investment rating for China Resources Beer is "Buy" with a target price of 48 HKD, indicating a potential upside of 26% from the current price of 37.95 HKD [3][9]. Core Insights - In 2023, China Resources Beer reported a revenue of 38.9 billion RMB, a year-on-year increase of 10%, and a net profit of 5.1 billion RMB, up 18% year-on-year, aligning with market expectations [1]. - The sales volume reached 11.15 million kiloliters, a slight increase of 0.5% year-on-year, with premium and above products showing significant growth, particularly Heineken, which saw a growth rate exceeding 60% [1]. - The company has successfully entered the liquor market through the acquisition of a 55.2% stake in Jinsha Liquor, generating 2.06 billion RMB in revenue from this segment in 2023 [1]. - A special dividend of 0.3 RMB per share was declared, with an expected total dividend payout of 0.936 RMB per share for the year, resulting in a payout ratio of 59% [1]. Financial Performance Summary - Revenue and Profitability: - 2023 revenue: 38.9 billion RMB, 10% growth - 2023 net profit: 5.1 billion RMB, 18% growth - Gross margin: 41.4%, up 2.9 percentage points year-on-year - Net margin: 13.4%, up 1.1 percentage points year-on-year [1][8]. - Earnings Per Share (EPS) Forecast: - 2024 EPS: 1.91 HKD - 2025 EPS: 2.10 HKD - 2026 EPS: 2.23 HKD [1][8]. - Valuation Metrics: - The average P/E ratio for comparable companies is projected at 19x for 2024, while China Resources Beer is assigned a P/E of 25x, leading to a target price of 48 HKD [9][12]. Market Position and Strategy - The company is focusing on high-end products, with plans to enhance its presence in the premium market segment, particularly targeting products priced above 10 RMB [1]. - The integration of the liquor business is expected to provide additional growth opportunities, with a focus on regions with high penetration rates for sauce liquor [1]. Shareholder Structure - Major shareholders include China Resources Group with 31.1% and Heineken Group with 20.8% [5]. Market Performance - The stock has shown a relative return of 17.47% over the past month and 12.47% over the past three months, although it has declined by 23.45% over the past year [7].