Investment Rating - The investment rating for China Resources Beer is "Outperform the Market" [1][3][5] Core Views - The beer business experienced a decline in sales volume but an increase in average price, leading to enhanced profitability [1][4] - The company reported total revenue of 23.744 billion yuan for the first half of 2024, a year-on-year decrease of 0.5%, with an EBIT of 6.368 billion yuan, up 2.0% year-on-year, and a net profit attributable to shareholders of 4.705 billion yuan, up 1.2% year-on-year [1][4] - The beer industry is under pressure, but the company continues to focus on high-end product development, with mid-range and above beer sales accounting for over 50% of total sales for the first time [1][4][5] Summary by Sections Financial Performance - In H1 2024, the beer business generated revenue of 22.566 billion yuan, down 1.4% year-on-year, with total sales volume decreasing by 3.4% due to weak industry demand and adverse weather conditions [1][4] - The average price per ton of beer increased by 2.0% year-on-year, supported by product structure upgrades [1][4] - The gross profit for the beer business was 10.34 billion yuan, a slight decrease of 0.1% year-on-year, while EBIT reached 6.365 billion yuan, reflecting a 2.6% increase year-on-year [1][4] Business Segments - The white liquor business saw a revenue increase of 20.6% year-on-year, primarily driven by the rapid growth of core products [1][4] - The EBIT for the white liquor segment was 0.48 billion yuan, down 32.4% year-on-year, attributed to increased expenses and depreciation [1][4] Future Outlook - The company has adjusted its revenue forecasts for 2024-2026, expecting total revenues of 39.62 billion yuan, 40.59 billion yuan, and 42.03 billion yuan respectively, with net profits of 5.431 billion yuan, 5.751 billion yuan, and 6.212 billion yuan [1][5] - The current stock price corresponds to a PE ratio of 13, 12, and 11 for the years 2024, 2025, and 2026 respectively, indicating a relatively low valuation [1][5]

Investment Rating - The report maintains a "Buy" rating for the company [2][6]. Core Insights - The company achieved a revenue of 23.74 billion yuan in the first half of 2024, a slight decrease of 0.5% year-on-year, while the net profit attributable to shareholders was 4.705 billion yuan, an increase of 1.2% year-on-year. The interim dividend declared was 0.373 yuan per share, representing a 30% increase compared to the same period last year [2][3]. Summary by Sections Beer Business Performance - The beer segment generated revenue of 22.57 billion yuan in the first half of 2024, down 1.4% year-on-year, with EBIT of 6.365 billion yuan, up 2.6% year-on-year. Adjusting for capacity optimization and employee compensation costs, EBIT would be 6.384 billion yuan, reflecting a 1.3% increase year-on-year. Beer sales volume was 6.348 million tons, down 3.4% year-on-year, with an average price of 3,554 yuan per ton, up 2.0% year-on-year. Premium and above beer sales saw over 10% growth, with brands like "Heineken," "Old Snow," and "Red Duke" achieving over 20% growth [3][4]. Baijiu Business Restructuring - The baijiu segment reported revenue of 1.18 billion yuan, a significant increase of 20.6% year-on-year, with EBITDA remaining stable at 41.3 million yuan. The company has actively restructured its baijiu business, focusing on brand renewal, price control, inventory management, and customer development. The national flagship product "Abstract" saw sales growth exceeding 50%, contributing approximately 70% to baijiu revenue [4][5]. Profitability and Shareholder Returns - The company achieved a gross margin of 46.9%, up 0.9 percentage points year-on-year, with beer and baijiu segments reporting gross margins of 45.8% and 67.6%, respectively. The increase in gross margin is attributed to reduced cost pressures in the beer segment and improvements in the baijiu segment. The net profit margin for the first half of 2024 was 19.9%, an increase of 0.46 percentage points year-on-year. The interim dividend payout ratio increased from 20.1% to 25.7% [5][6]. Financial Forecasts - Revenue forecasts for 2024-2026 have been adjusted to 39.527 billion yuan, 41.367 billion yuan, and 42.842 billion yuan, respectively. EPS estimates for the same period have been revised to 1.62 yuan, 1.73 yuan, and 1.87 yuan. The PE ratios based on the closing price of 22.65 HKD per share are projected to be 13, 12, and 11 times for 2024, 2025, and 2026, respectively [6][8].

Investment Rating - The investment rating for the company is "Buy" [1][4] Core Views - Despite facing pressure on beer sales in H1 2024, the company has managed to increase revenue per ton and maintain growth in EBITDA and profit margins [2][3] - The company is actively integrating its liquor business, aiming to create a dual empowerment model of "beer + liquor" [2][3] Summary by Sections Beer Business Performance - In H1 2024, the company achieved revenue of 22.566 billion yuan, a year-on-year decrease of 1.4%, with sales volume at 6.348 million kiloliters, down 3.4% year-on-year [1] - The revenue per kiloliter increased by 2.0% year-on-year, with premium and above products showing single-digit growth despite a challenging macro environment [1][2] - E-commerce sales grew approximately 60% year-on-year, and high-end beer sales increased by over 10% [1] Profitability and Cost Management - The gross margin for H1 2024 was 46.9%, up 0.9 percentage points year-on-year, primarily due to a decrease in beer costs [2] - The company implemented cost control measures, resulting in stable operating expenses, and achieved an EBITDA of 4.13 billion yuan, maintaining year-on-year performance [2][3] Liquor Business Development - The liquor segment reported revenue of 1.178 billion yuan in H1 2024, a year-on-year increase of 20.6%, with a gross margin of 67.6% [2] - The company is focusing on product innovation and market integration following the acquisition of Guizhou Jinsha, aiming for sustained growth in the liquor business [2][3] Dividend and Earnings Forecast - The company declared an interim dividend of 0.373 yuan per share, a year-on-year increase of 29.97%, with a payout ratio of 25.72% [3] - Earnings per share (EPS) forecasts for 2024, 2025, and 2026 are projected at 1.69 yuan, 1.88 yuan, and 2.15 yuan respectively [3][4]

2024 年 8 月 20 日 华润啤酒（0291.HK） 上半年环境承压，业绩表现坚韧 华润啤酒（0291.HK）24 年上半年收入 237 亿人民币，同比微降 0.5%，净利润 47 亿， 同比增长 1.2%。上半年啤酒销量 634 万千升，同比下降 3.4%，每千升毛利增长 3.4%。 考虑到高端化进入后半段，未来增速放缓，我们下调 24/25/26 年净利润为 53.0/55.0/58.0 亿元。对应每 EPS 收益为 1.76/1.83/1.92 港元。维持"买入"评级，考虑当前港股市场情 绪，下调目标价至 35.8 港元，较当前股价有 58%的上涨空间。 报告摘要 消费环境承压，啤酒高端产品仍在增长。24 年上半年一方面消费意愿较为薄弱，尤其是 餐饮渠道需求不振，另一方面进入 6 月旺季全国天气较凉，影响啤酒消费。在此背景下， 整体销量下降 3.4%，但高档以上销量同比增长 10%，次高及以上产品销量同比个位数 增长，喜力、老雪、红爵增速超过 20%，中档以上销量占比超过 50%。销售单价同比增 长 2.6%，每千升毛利增长 3.4%。啤酒行业高端化的趋势不可逆转，消费者对于更高品 质产品的追求不 ...

Investment Rating - The report maintains a "Buy" rating for the company, with expected earnings per share (EPS) of 1.67, 1.87, and 2.08 for the years 2024, 2025, and 2026 respectively, corresponding to price-to-earnings (P/E) ratios of 13, 12, and 11 times [6][7][9]. Core Insights - The company reported a revenue of 23.744 billion yuan for the first half of 2024, a slight decrease of 0.53% year-on-year, while the net profit attributable to shareholders was 4.705 billion yuan, an increase of 1.20% year-on-year [4]. - The gross margin improved to 46.91%, driven by structural upgrades in the beer and liquor businesses, alongside better raw material costs [4][5]. - The beer segment generated revenue of 22.566 billion yuan, down 1.43% year-on-year, with sales volume at 6.348 million tons, a decline of 3.39% [5]. - The liquor segment saw a revenue increase of 20.6% year-on-year, reaching 1.178 billion yuan, with a gross margin of 67.6% [5]. Summary by Sections Financial Performance - The company achieved a revenue of 237.44 billion yuan in H1 2024, with a net profit of 47.05 billion yuan [4]. - The gross margin for H1 2024 was 46.91%, with a net profit margin of 19.82% [4]. Beer Segment - Revenue from the beer segment was 22.566 billion yuan, with a sales volume of 6.348 million tons [5]. - The average selling price per ton was 3,555 yuan, reflecting a year-on-year increase of 2.03% [5]. - The gross margin for the beer segment improved to 45.8% [5]. Liquor Segment - The liquor segment reported a revenue of 1.178 billion yuan, with a gross margin increase of 2.1 percentage points to 67.6% [5]. - High-end liquor products contributed significantly to the revenue, with sales growth exceeding 50% year-on-year for key products [5]. Future Outlook - The company anticipates improved beer sales in the second half of 2024, with continued cost improvements expected [6]. - Revenue projections for 2024-2026 are 39.227 billion, 40.197 billion, and 41.209 billion yuan, with expected net profits of 5.404 billion, 6.066 billion, and 6.747 billion yuan respectively [6][7].

公司点评报告 · 食品饮料行业 势 防持续 ● 事件:公司发布 2024年半年度报告。2024年上半年,公司实现营收 237.4 亿 元,同比-0.5%;归母净利润 47.1亿元,同比+1.2%,扣非归母净利润 44.6 亿 元,同比+0.2%。 ● 啤酒业务:高端化趋势仍在持续。24H1公司啤酒业务实现收入226亿元, 同比-1.4%;息税前利润63.7亿元,同比+2.6%。其中,销量同比-3.4%,吨 价同比+2.0%,毛利率同比+0.6pct。去年高基数和今年上半年局部市场多雨 导致上半年销量下降,我们预计下半年基数走低后啤酒销量同比增速将有所改 善。啤酒吨价依然保持提升趋势,低端掉量、次高端及以上产品销量增长趋势 持续,24H1高端产品同比增速仍有10%+,其中喜力、老雪、红爵等产品销 量增速 20%+。我们预计啤酒产品的高端化仍将在下半年持续。 ● 白酒业务:快速的恢复性增长。24H1 公司白酒业务实现收入 11.8亿元,同 比+20.6%;息税前利润 0.5亿元;毛利率 67.6%,同比+2.1pcts。并购整合 赋能后,白酒业务恢复性增长。其中高端大单品"摘要"恢复较快,上半年销 量同比+50% ...

浦银国际研究 公司研究 | 消费行业 浦银国际 公司研究 华润啤酒 （291.HK） 华润啤酒（291.HK）：强大的产品矩阵与 管理能力助力公司抵御周期跑赢对手 维持"买入"评级：尽管宏观消费力面临挑战，华润啤酒 1H24 啤酒 销量下滑幅度小于主要竞争对手，高端产品依然录得大幅增长，产品 结构持续改善，平均客单价同比提升幅度亦高于主要竞争对手。以上 都体现了华润啤酒在产品与品牌组合上的优势。基于较强的现金流 （1H24 经营现金流同比大幅增长 25.6%），公司将 1H24 派息率提升 至 26%（相较 1H23 的 20%）。更重要的是，公司在面临业绩压力的 情况下，不轻易缩减费用，坚持对产品的市场投入、坚持长期基本面 的提升、积极通过产品与渠道的调整来应对持续变化的市场趋势和 需求。这些都将利好公司长期可持续的发展，助力公司抵御周期，业 绩跑赢对手。维持"买入"。 行业高端化受阻，但华润的高端化仍在继续：由于现饮渠道面临较大 压力，中国啤酒行业整体高端化趋势减弱。然而，华润啤酒 1H24 的 高端化趋势依然显著。在整体啤酒销量同比下滑 3.4%的情况下，次 高端及以上产品销量同比增长个位数，高端及以上 ...

[Table_StockNameRptType] 华润啤酒（00291） 港股点评 啤酒高端化放缓，白酒投入增加 ——华润啤酒 24H1 点评 主要观点： [Table_Rank] 投资评级：买入（维持） 报告日期： 2024-08-19 [Table_BaseData] 收盘价（港元） 24.00 近 12 个月最高/最低（港元）48.60/22.90 总股本（百万股） 3,244 流通股本（百万股） 3,244 流通股比例（%） 100.00 总市值（亿港元） 779 流通市值（亿港元） 779 [公司价格与恒生指数走势比较 Table_Chart] -57% -38% -18% 2% 21% 8/23 11/23 2/24 5/24 华润啤酒 恒生指数 [Table_Author] 分析师：邓欣 执业证书号：S0010524010001 邮箱：dengxin@hazq.com 分析师：罗越文 执业证书号：S0010524020001 邮箱：luoyuewen@hazq.com [Table_CompanyReport] 相关报告 1.华润啤酒 23A：啤酒稳步高端化， 白酒进入增长期 2024-03-1 ...

Investment Rating - The report maintains a **Buy** rating for the company, citing attractive valuation levels and strong management execution [4] Core Views - The company's beer business faces pressure from weak consumer demand, but internal cost optimization and premiumization efforts are driving profit growth [4] - The company's premium beer segment, led by brands like Heineken, Snow, and Red Label, saw over 10% YoY growth in sales volume [4] - The company's liquor business, particularly the "Summary" brand, is showing strong growth potential, with sales up over 50% YoY [5] - The company's beer business achieved a record-high EBIT margin of 28.3% in H1 2024, driven by cost reductions and lower packaging material costs [4] Financial Performance - In H1 2024, the company reported revenue of RMB 23.744 billion, down 0.5% YoY, and net profit attributable to shareholders of RMB 4.7 billion, up 1.2% YoY [4] - The beer business generated revenue of RMB 22.566 billion in H1 2024, down 1.4% YoY, with a sales volume of 6.348 million tons, down 3.4% YoY [4] - The liquor business achieved revenue of RMB 1.178 billion in H1 2024, up 20.6% YoY, with the "Summary" brand contributing 70% of the liquor business revenue [5] - The company's beer business gross margin improved to 45.8% in H1 2024, up 0.6 percentage points YoY [4] Valuation and Forecast - The report forecasts the company's net profit attributable to shareholders to grow to RMB 5.633 billion, RMB 6.373 billion, and RMB 7.191 billion in 2024, 2025, and 2026, respectively, representing YoY growth rates of 9%, 13%, and 13% [4] - The current stock price implies a PE ratio of 13x, 11x, and 10x for 2024, 2025, and 2026, respectively [4] - The company's valuation (PE-TTM) is at a relatively low level compared to the past five years, making it attractive [4] Business Strategy - The company is focusing on premiumization in its beer business, with mid-to-high-end products expected to continue increasing their share [4] - The company has restructured its beer operations, separating production and sales, which is expected to enhance efficiency [4] - The liquor business is undergoing integration, with the company actively promoting new products and stabilizing pricing to improve profitability [5]

证 券 研 究 报 告 华润啤酒（00291.HK）2024 年中报点评 强推（维持） 升级仍在前行，安全边际突出 目标价：40.0 港元 事项： ❖ 公司发布 2024 年中报，2024H1 年实现营业收入 237.4 亿元，同降 0.53%；实 现归母净利润 47.05 亿元，同增 1.2%；还原考虑资产减值和员工安置 0.19 亿 后，公司整体核心净利润 47.2 亿元，与 2023 年同期基本持平。此外，公司派 发中期股息 0.373 元/股，同增 30%，半年度分红率从 20.1%提升至 25.7%。 评论： ❖ 消费力与天气压制销售，高档表现相对较好，高基数下啤酒收入微降。24H1 啤酒业务实现收入 225.66 亿元，同降 1.43%；其中啤酒销量 634.8 万千升，同 降 3.4%，主要系高基数下消费偏疲软及 Q2 东南沿海雨水较多所致；吨价 3555 元/千升，同增 2.0%，升级整体延续 23H2 稳增态势，且高档表现更佳，次高 以上/高档以上销量分别同增个位数/双位数。分单品看，喜力、老雪、红爵均 实现 20%+增长，纯生同增中高个位数，SX 产品迭代压制销量表现，同时低档 产品下滑是 ...