Investment Rating - The report gives a "Buy" rating for the company, indicating it is expected to benefit from the recovery in the industry and the ongoing high-end strategy [2][80]. Core Viewpoints - China Resources Beer has established itself as the largest beer company in China, with a significant focus on high-end products through its "3+3+3" strategy initiated in 2017 [1][15]. - The company has diversified into the liquor sector, enhancing its brand power and market presence through strategic acquisitions [1][23]. - The beer industry is stabilizing in volume while prices are expected to increase, particularly in the high-end segment, which presents substantial growth opportunities [1][2]. - The competitive landscape is characterized by a high concentration of market share among the top five companies, with a CR5 of 92% in 2023 [1][46]. Summary by Sections Company Overview - China Resources Beer was founded in 1993 and has rapidly grown to become the largest beer producer in China, with beer sales reaching 11.15 million kiloliters in 2023 [1]. - The company has undergone several phases of development, including a focus on high-end product offerings and operational efficiency improvements since 2017 [1][15]. Beer Industry Analysis - The beer production peaked in 2013 and has stabilized since 2018, with expectations for future production to remain steady due to demographic trends [1][2]. - The high-end market segment is projected to continue expanding, particularly in the 6-10 RMB price range, which is seen as having the most growth potential [1][2]. - The competitive landscape is dominated by a few key players, with the top five companies holding a significant market share, indicating a concentrated market structure [1][46]. Brand and Product Strategy - The company has developed a "4+4" high-end brand matrix, combining local and international brands to cater to diverse consumer segments [1][15]. - The product portfolio covers all price ranges, with a strong emphasis on high-end products that have shown significant sales growth [1][59]. - The company has successfully launched several key products aimed at younger consumers, enhancing its market appeal [1][63]. Financial Performance and Projections - In 2023, the company reported revenues of 38.93 billion RMB, a year-on-year increase of 10.4%, with beer and liquor revenues contributing 36.86 billion and 2.07 billion RMB, respectively [1][3]. - The forecast for net profit from 2024 to 2026 is expected to grow steadily, with projected figures of 5.28 billion, 5.87 billion, and 6.38 billion RMB, respectively [2][80]. - The company is anticipated to maintain a strong gross margin, benefiting from cost reductions in raw materials and operational efficiencies [2][76].

Financial Performance - For the six months ended June 30, 2024, the turnover was RMB 23,744 million, a decrease of 0.5% compared to RMB 23,871 million in the same period of 2023[12]. - Profit attributable to shareholders for the same period was RMB 4,705 million, an increase of 1.2% from RMB 4,649 million in 2023[12]. - Basic earnings per share increased to RMB 1.45 from RMB 1.43, reflecting a growth of 1.4%[12]. - The interim dividend per share was RMB 0.373, up from RMB 0.287 in the previous year, representing a 30% increase[12]. - Total equity attributable to shareholders rose to RMB 36,772 million, compared to RMB 34,174 million in 2023, marking a growth of 7.6%[12]. - Consolidated net cash increased significantly to RMB 5,139 million from RMB 426 million, indicating a strong liquidity position[12]. - The current ratio improved to 0.75 from 0.70, demonstrating better short-term financial health[12]. - The Group recorded an unaudited consolidated turnover of RMB 23,744,000,000 for the first half of 2024, benefiting from the premiumisation strategy in the beer and baijiu businesses[21]. - Gross profit margin and EBITDA margin both increased by 0.9 percentage points year-on-year to 46.9% and 31.7%, respectively[21]. - Profit attributable to shareholders for the first half of 2024 amounted to RMB 4,705,000,000, representing an increase of 1.2% compared to the same period last year[21]. - Net cash from operating activities increased by 25.6% year-on-year during the reporting period[21]. - Overall beer sales volume decreased by 3.4% year-on-year to approximately 6,348,000 kilolitres, outperforming some large-scale beer companies[26]. - The Group's beer business recorded an unaudited consolidated turnover of RMB 22,566,000,000 in the first half of 2024[26]. - The average selling price of beer increased by 2.0% year-on-year, contributing to a gross profit margin increase of 0.6 percentage points to 45.8%[28]. - The baijiu business generated an unaudited consolidated turnover of RMB 1,178,000,000 in the first half of 2024, representing a year-on-year increase of approximately 20.6%[29]. - The gross profit margin for the baijiu business increased by 2.1 percentage points to 67.6% in the first half of 2024[31]. - The Group's EBIT margin for the beer business improved significantly by over 10 percentage points compared to the first half of 2019, reaching a record high of 28.3%[51]. Operational Highlights - In the Eastern region, turnover decreased by 2.1% to RMB 10,958 million, while the Southern region saw an increase of 2.6% to RMB 6,038 million[15]. - The Group aims to achieve annual turnover and profit growth while controlling capital expenditure in the second half of 2024[33]. - The Group plans to leverage its experience and resources to build competitive advantages through a dual empowerment model for its "beer + baijiu" businesses[34]. - The Group's strategy includes a comprehensive transformation from scale to quality and from traditional to modern[35]. - The Group will continue to enhance its product portfolio and create a more efficient supply chain to unlock business value and profit growth[37]. - The Group is focused on addressing industry issues in the baijiu sector through collaboration and resource integration[38]. - The Group operated 62 breweries across 24 regions in Mainland China, with an annual production capacity of approximately 19,400,000 kilolitres as of June 30, 2024[51]. - The Group has optimized its production capacity by ceasing operations at one brewery and starting operations at a new intelligent brewery in Shandong[49]. Cash Flow and Liquidity - The Group's cash and bank deposits amounted to RMB 6,517,000,000 as of June 30, 2024, with borrowings totaling RMB 1,378,000,000[61]. - The Group maintained a net cash position as of June 30, 2024, and December 31, 2023[61]. - Net cash from operating activities for the six months ended June 30, 2024, was RMB 6,012 million, an increase of 25.8% compared to RMB 4,786 million for the same period in 2023[83]. - The net cash used in investing activities was RMB 1,167 million for the first half of 2024, significantly lower than RMB 8,768 million in the same period of 2023[83]. - The company reported a net cash (used in)/from financing activities of RMB (3,827) million for the first half of 2024, compared to RMB 6,755 million in the same period of 2023[83]. Employee and Operational Costs - Employee costs for the six months ended June 30, 2024, were approximately RMB 2,882 million, consistent with the previous year[72]. - Total staff costs, including directors' emoluments, amounted to RMB 2,882 million, an increase of 3.6% from RMB 2,783 million in the previous year[109]. - The total depreciation expense for fixed assets in the first half of 2024 was RMB 686 million, compared to RMB 686 million in the same period of 2023[119]. Corporate Governance and Compliance - The interim financial information has been prepared in accordance with the applicable disclosure requirements of the Listing Rules and HKAS 34[89]. - The auditor's report for the financial statements was unqualified, indicating no significant issues were raised[91]. - The Group's financial reporting and internal control systems are overseen by the Audit Committee, ensuring reliability and compliance[157]. - The Group's risk management and internal control systems were reviewed, and no significant concerns were identified that could materially affect operations or financial reporting[157]. Environmental and Safety Initiatives - The Group completed 431 designated EHS rectification projects with a total project fund of RMB 142 million declared, focusing on major safety and environmental protection risks[173]. - In the first half of 2024, the Group conducted 62 fire safety inspections, 35 gas safety inspections, and 102 inspections on hazardous operation projects, significantly improving safety management capabilities[175]. - The Group identified and rectified 39 environmental issues during inspections of four plants in the Yangtze and Yellow River basins in the first half of 2024[186]. - The Liangshan Plant in Sichuan was certified as the Group's first carbon-neutral plant in April 2024, followed by the Bengbu Plant in June 2024[192]. - The Group's total greenhouse gas emissions were 406,000 tonnes CO2 equivalent, with a greenhouse gas emission intensity of 66.87 kg CO2 equivalent per kiloliter output[193]. - The carbon emission intensity per unit of beer products decreased by 7%, and green power accounted for 34.6% of the total energy used[193]. Market and Investor Relations - The Group's closing price on the HKD counter was HK$26.25 per share, and on the RMB counter, it was RMB24.60 per share, with a total market capitalisation of approximately HK$85.16 billion as of the end of June 2024[165]. - In the first half of 2024, the Group held approximately 245 meetings with over 2,270 fund managers and analysts to strengthen investor relations[162]. - The Group's investor relations activities included online and offline presentations, enhancing communication with existing and potential investors[162]. - The Group received eight awards in the 2024 All-Asia Executive Team survey by "Institutional Investor" magazine and five awards in the 2024 Asian Excellence Awards by "Corporate Governance Asia" magazine[164].

Investment Rating - The report assigns an "Accumulate" rating for China Resources Beer (0291) [3][10]. Core Views - The company's performance met expectations, with an unexpected increase in interim dividends. The company is entering a new phase of high-end beer positioning, and the performance of major liquor products is impressive. Future plans include addressing structural shortcomings [3]. Summary by Sections Financial Performance - For 1H24, the company achieved a revenue of 23.744 billion yuan, a year-on-year decrease of 0.53%. The EBITDA was 6.365 billion yuan, up 1.92% year-on-year, and the net profit attributable to shareholders was 4.705 billion yuan, an increase of 1.20% year-on-year. Overall performance was in line with expectations [3]. - The interim dividend per share was 0.373 yuan, with a total payout of 1.21 billion yuan, representing a year-on-year increase of 30% and a payout ratio increase of 6 percentage points to 26% [3]. Beer Segment - In 1H24, beer sales volume was 6.35 million kiloliters, down 3.39% year-on-year. However, sales in the premium and above segments grew by double digits, with brands like Heineken and Snow experiencing over 20% growth [3]. - The average selling price of beer increased by 2.0% year-on-year to 3,554 yuan per kiloliter. The cost per ton of beer rose by 0.9%, while the gross margin improved by 0.6 percentage points to 45.8%, and the EBITDA margin reached a historical high of 28.2%, up 1.1 percentage points year-on-year [3]. Liquor Segment - The liquor business generated a revenue of 1.178 billion yuan in 1H24, a year-on-year increase of 20.6%. However, EBITDA for this segment was 48 million yuan, down 32.39% year-on-year, with a gross margin of 67.6%, up 2.1 percentage points year-on-year. The sales volume of major liquor products grew by over 50%, accounting for about 70% of liquor revenue [3]. - Future plans include enhancing the product lineup, focusing on key markets for sauce liquor, and expanding both banquet and non-banquet channels [3].

Investment Rating - The report maintains a "Buy" rating for China Resources Beer (0291.HK) with a target price of HKD 28.37, based on a current price of HKD 23.05 [1]. Core Insights - The beer business is under short-term pressure but continues its long-term trend towards premiumization. In the first half of 2024, the company reported revenue of CNY 23.74 billion, a year-on-year decrease of 0.5%, and a net profit attributable to shareholders of CNY 4.71 billion, a year-on-year increase of 1.2% [2]. - Despite external factors impacting sales, the company’s premiumization strategy is driving an increase in unit price, with beer sales volume down 3.4% year-on-year to 6.348 million tons. However, premium and above products maintained double-digit growth [2]. - The overall gross margin improved to 46.9%, up 0.9 percentage points year-on-year, with the beer segment's gross margin at 45.8%, an increase of 0.6 percentage points [2]. Summary by Sections Financial Performance - Revenue for the first half of 2024 was CNY 23.74 billion, down 0.5% year-on-year. The net profit attributable to shareholders was CNY 4.71 billion, up 1.2% year-on-year [2]. - Beer sales volume decreased by 3.4% to 6.348 million tons, while the average price per ton increased by 2% to CNY 3,554 [2]. - The white liquor segment saw revenue of CNY 1.18 billion, a year-on-year increase of 20.6% [2]. Profitability - The overall gross margin improved to 46.9%, with the beer segment's gross margin at 45.8% [2]. - The EBITDA margin for the beer business increased by 1.1 percentage points to 28.2%, while the overall net profit margin rose by 0.3 percentage points to 20.9% [2]. Future Outlook - The company expects steady revenue growth in the second half of 2024, driven by a low base effect and active cost control [2]. - The long-term strategy focuses on the dual empowerment of beer and white liquor, with expectations for continued growth in premium products [2]. - Earnings per share (EPS) forecasts for 2024-2026 are CNY 1.62, CNY 1.76, and CNY 1.90, respectively, with corresponding dynamic P/E ratios of 14, 13, and 12 [2].

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1]. Core Views - The company achieved a revenue of 23.744 billion RMB in H1 2024, a year-on-year decrease of 0.5%, with beer business revenue at 22.566 billion RMB, down 1.4%. The net profit attributable to shareholders was 4.71 billion RMB, an increase of 1.2%. The interim dividend declared is 0.373 RMB per share, a 30% increase compared to the same period last year [4]. - External demand is under pressure, leading to a decline in beer volume but an increase in price, with structural upgrades showing resilience. Beer sales volume in H1 2024 was 6.348 million kiloliters, down 3.4% year-on-year. The average price of beer is estimated at 3,554.8 RMB per kiloliter, up 2.0% year-on-year. The sales of premium and above beer products grew over 10%, with certain brands seeing growth rates exceeding 20% [4][5]. - The company’s gross margin improved, with a gross margin of 46.9% in H1 2024, up 0.9 percentage points year-on-year. The beer business gross margin was 45.8%, driven by increased prices and reduced packaging costs [4][5]. Summary by Sections Financial Performance - In H1 2024, the company reported a revenue of 23.744 billion RMB, with beer revenue at 22.566 billion RMB and a net profit of 4.71 billion RMB. The beer sales volume decreased by 3.4% year-on-year, while the average price increased by 2.0% [4][6]. - The company expects revenues for 2024-2026 to be 39.78 billion, 40.89 billion, and 42.00 billion RMB, respectively, with net profits of 5.33 billion, 5.93 billion, and 6.43 billion RMB [5][6]. Profitability and Cost Management - The company’s operating expense ratio increased by 0.6 percentage points to 24.2% in H1 2024. The EBITDA margin improved to 27.0%, with the beer business achieving an EBITDA of 6.365 billion RMB, up 2.6% year-on-year [5][6]. - The gross margin for the beer business improved to 45.8%, attributed to price increases and lower packaging costs [4][5]. Valuation and Investment Recommendations - The company is valued using a segmented valuation method, with the beer business assigned a PE ratio of 16-20 times and the liquor business a PE ratio of 10-15 times. The estimated fair value range for the stock is 25.71-32.38 RMB per share, or 27.94-35.20 HKD per share [5][11].

Investment Rating - The investment rating for China Resources Beer is "Buy" (maintained) [5] Core Views - The company reported a revenue of 23.744 billion RMB for 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 RMB, an increase of 1.2% year-on-year [5] - Beer revenue reached 22.566 billion RMB, down 1.4% year-on-year, with beer sales volume at 6.348 million kiloliters, a decline of 3.4% year-on-year, primarily due to macroeconomic fluctuations and adverse weather in certain regions [6] - The average selling price of beer increased by 2.0% year-on-year to 3,554 RMB per kiloliter, driven by continuous product structure upgrades [6] - The gross profit margin improved to 46.9%, up 0.9 percentage points year-on-year, with the beer business gross margin at 45.8%, an increase of 0.6 percentage points [7] - The company expects better sales growth in the second half of the year due to a lower comparative base, despite a challenging beer consumption environment [8] Summary by Sections Financial Performance - For the first half of 2024, the company achieved a revenue of 23.744 billion RMB, with a net profit of 4.705 billion RMB [5] - The beer segment's revenue was 22.566 billion RMB, with a sales volume of 6.348 million kiloliters [6] - The company’s EBIT margin improved to 26.8%, up 0.7 percentage points year-on-year [7] Product and Market Strategy - The company is focusing on high-end and above products, which saw a sales volume growth of over 10% year-on-year [6] - The Heineken brand experienced a sales increase of over 20% in the first half of 2024, supported by national expansion efforts [8] - The white wine business achieved over 20% revenue growth, with high-end products contributing significantly [8] Profitability and Cost Management - The company’s gross profit margin improved due to a decrease in packaging costs and product upgrades [7] - The administrative expense ratio decreased by 0.3 percentage points year-on-year, reflecting cost control measures [7] - The forecast for net profit for 2024-2026 has been adjusted downwards due to ongoing challenges in beer demand and the white wine sector [8]

证券研究报告 港股公司|公司点评|华润啤酒（00291） 2024 年半年报点评： 高端化延续推进，啤白双赋能成效初显 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月22日 证券研究报告 |报告要点 考虑到消费弱复苏，我们预计公司 2024-2026 年营业收入分别为 396.40/411.35/426.33 亿 元，同比增速分别为 1.82%/3.77%/3.64%，归母净利润分别为 53.79/56.65/59.61 亿元，同比 增速分别为 4.39%/5.30%/5.23%，对应三年 CAGR 为 4.97%，对应 2024-2026 年 PE14/13/13X。 考虑到公司高端化延续推进，啤白双赋能成效初显，维持"买入"评级。 |分析师及联系人 邓周贵 徐锡联 刘景瑜 吴雪枫 SAC：S0590524040005 SAC：S0590524040004 SAC：S0590524030005 请务必阅读报告末页的重要声明 1 / 5 港股公司|公司点评 glzqdatemark2 2024年08月22日 华润啤酒(00291) 2024 年半年报点评： 高端化延续推进，啤白双赋 ...

公 司 研 究 2024 年 08 月 20 日 公司点评 买入/维持 华润啤酒(00291) 目标价: 31.70 昨收盘:24.00 华润啤酒：啤酒业务高端化延续，白酒业务稳步发展 ◼ 走势比较 (50%) (36%) (22%) (8%) 6% 20% 23/8/2123/11/124/1/1224/3/2424/6/424/8/15 华润啤酒 恒生指数 ◼ 股票数据 总股本(亿股) 32.4 总市值(亿港元) 778.6 12 个月内最高/最低价 (港元) 48.6/22.9 相关研究报告 证券分析师：郭梦婕 电话： E-MAIL：guomj@tpyzq.com 分析师登记编号：S1190523080002 研究助理：林叙希 电话： E-MAIL：linxx@tpyzq.com 一般证券业务登记编号：S1190124030019 事件：公司公布中报业绩，2024H1 实现收入 237.44 亿元，同比-0.5%， 实现归母净利润 47.05 亿元，同比增长 1.2%。还原 1900 万元固定资产减 值亏损和一次性员工补偿及安置费用，2024H1 核心净利润 47.2 亿元，同 比持平。 上半年销量略有 ...

证券研究报告 | 2024年08月21日 华润啤酒（00291.HK） 优于大市 啤酒业务销量下滑均价提升，盈利能力仍有强化 华润啤酒公布 2024 年半年度业绩，24H1 实现营业总收入 237.44 亿元，同比 -0.5%；实现息税前利润 63.68 亿元，同比+2.0%；实现归母净利润 47.05 亿元， 同比+1.2%。 啤酒行业需求承压，高端化进程延续，上半年公司啤酒业务量减价升。啤酒业 务方面，上半年实现营业收入 225.66 亿元，同比-1.4%。拆分量价来看，上半年 总销量同比-3.4%，主要系受行业整体需求偏弱、不利天气以及去年同期高基数 的影响，但公司销量表现优于部分具规模的啤酒企业。结构上看，啤酒业务整体 延续高端化发展趋势：1）中档及以上啤酒销量占比持续提升，上半年占比首次 超过 50%；2）次高及以上啤酒销量实现同比单位数增长，占比持续提升；3）高 档及以上啤酒销量实现同比超 10%增长，其中喜力、老雪、红爵等产品销量同比 增速均超 20%。在产品结构升级的带动下，上半年啤酒吨价同比+2.0%。 毛利率提升、费用控制良好，上半年啤酒业务盈利能力继续提升。上半年啤酒业 务实现毛利 10 ...

[Table_Date] 2024 年 08 月 20 日 [Table_Title] 啤酒高端化延续，白酒业务重塑初显成效 [Table_Title2] 华润啤酒(0291.HK) | --- | --- | --- | --- | |-----------------------------|-----------|----------------------------|-------------| | [Table_DataInfo]评级： 买入 | | 股票代码： | 0291 | | 上次评级： 买入 | | 52 周最高价/最低价(港元)： | 46.25/22.65 | | 目标价格(港元) | | ) | 734.81 | | 最新收盘价(港元 | )： 22.65 | 自由流通市值(亿港元) | 734.81 | | | | 自由流通股数(百万) | 3,244.18 | [Table_Summary] 事件概述 公司 24H1 实现营收 237.4 亿元，同比-0.5%，实现股东应占溢利 47.05 亿元，同比+1.2%。此外，公司发 布派发中期股息 0.373 元/股，较去年同期增长 ...