[Table_Title] 华润啤酒：利润稳增长，中期分红亮眼 证券研究报告 公司研究 [Table_ReportType] 点评报告 [T华ab润le_啤St酒ockAndRank] (0291.HK) 投资评级 买入 上次评级 买入 [T程ab丽le丽_Aut食ho品r]饮料行业分析师 执业编号：S1500523110003 联系电话：15680937306 邮 箱：chenglili@cindasc.com 赵丹晨 食品饮料行业分析师 执业编号：S1500523080005 联系电话：13806086406 邮 箱：zhaodanchen@cindasc.com 满静雅 食品饮料行业分析师 执业编号：S1500523080004 联系电话：15026413613 邮 箱：manjingya@cindasc.com 相关研究 决战高端，聚势而强》2022.7.22 [T事ab件le：_S公u司mm发a布ry]2024 年中期业绩，实现营业收入 237.44 亿元，同比-0.5%， 股东应占溢利 47.05 亿元，同比+1.2%。 点评： 2024H1 啤酒销量承压，吨酒收入稳提升。啤酒业务方面，2024H ...

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 ...

股票投资评级 2024 年 8 月 20 日 华润啤酒(0291.HK) 买入|维持 个股表现 -60% -40% -20% 0% 20% 2023-07-03 2023-10-30 2024-02-26 2024-06-25 华润啤酒 恒生指数 资料来源：聚源，中邮证券研究所 公司基本情况 最新收盘价（港元） 24.00 总股本/流通股本（亿股） 32.44 / 32.44 总市值/流通市值（亿港元） 779 / 779 52 周内最高/最低价 47.34 / 22.90 资产负债率(%) 48.87% 市盈率 13.25 | --- | --- | |-------------|------------------| | | 华润集团(啤酒)有 | | 第一大股东 | | | | 限公司 | | 持股比例(%) | 51.67% | | | | 研究所 分析师:蔡雪昱 SAC 登记编号:S1340522070001 Email:caixueyu@cnpsec.com 分析师:张子健 SAC 登记编号:S1340524050001 Email:zhangzijian@cnpsec.com 利润表现承压，下半 ...

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 ...

华润啤酒（0291. HK）/饮料 制造 证券研究报告/公司点评 啤酒高端化趋势不改，白酒拖累整体业绩 2024 年 8 月 19 日 评级：买入（维持）公司盈利预测及估值 | --- | --- | --- | --- | --- | |--------------------------------------------|--------------|------------------------------------|---------------|----------------| | 市场价格：23.90 港元 | 才忘 行 | | 2022A | 2023A | | 分析师：热欣慰执业证书编号：S0740519080002 | ½ 长 车 yoy% | 蓉业妆入（百万元）沖利河（百万元） | 36,4286%4,344 | 40,06410%5,153 | | 电话：021-20315733 | 婚长年 yoy% | | -5% | 19% | | | | | | | 16.4执业证书编号：S0740517030001P/E13.813.111.710.7 2.62.32.01.71.5P/ ...

Financial Performance - The group's unaudited consolidated revenue for the first half of 2024 was RMB 23,744,000,000, benefiting from the continued development of the premiumization strategy in the beer and liquor businesses[2]. - Shareholders' profit attributable to the company for the first half of 2024 was RMB 4,705,000,000, an increase of 1.2% compared to the same period last year[2]. - The net cash inflow from operating activities increased by 25.6% year-on-year, reflecting the company's strong cash generation capability[2]. - For the six months ended June 30, 2024, the company reported revenue of RMB 23,744 million, a slight decrease of 0.5% compared to RMB 23,871 million for the same period in 2023[17]. - Gross profit increased to RMB 11,139 million, representing a growth of 1.3% from RMB 10,991 million year-on-year[17]. - The company's net profit for the period was RMB 4,733 million, up 0.7% from RMB 4,698 million in the previous year[18]. - Total comprehensive income for the period was RMB 4,744 million, slightly higher than RMB 4,700 million in the prior year[18]. - The company reported a decrease in financial costs to RMB 56 million, down from RMB 135 million in the previous year, indicating improved financial management[17]. - The company's total equity increased to RMB 36,772 million from RMB 34,174 million at the end of 2023, showing a solid financial position[19]. - The company has sufficient resources to meet its liabilities and commitments, ensuring continued operations in the foreseeable future[20]. Beer Business Performance - Beer sales volume reached approximately 6,348,000 kiloliters, a year-on-year decline of 3.4, but the proportion of mid-range and above beer sales exceeded 50% for the first time in the first half of the year[2]. - The average selling price of beer increased by 2.0% year-on-year, with the gross margin for the beer business rising by 0.6 percentage points to 45.8%[2]. - The beer business's EBITDA margin increased significantly, exceeding 10 percentage points to reach 28.3%, marking a historical high[2]. - The unaudited consolidated revenue for the beer business in the first half of 2024 was RMB 22,566,000,000, with high-end beer products continuing to perform well[9]. - Mid-range and above beer sales accounted for over 50% of total sales for the first time in the first half of 2024, with e-commerce sales growing approximately 60% year-on-year[10]. - The beer business achieved a profit before interest and tax of RMB 6,365,000,000, an increase of about 2.6% compared to the same period last year, with a profit margin of 28.2%[10]. - Beer sales volume for the first half of 2024 was approximately 6,348 million liters, a decrease of 3.4% year-on-year, although high-end beer products continued to perform well[32]. Liquor Business Performance - The liquor business achieved an unaudited consolidated revenue of RMB 1,178,000,000, a year-on-year increase of approximately 20.6%, with the gross margin rising by 2.1 percentage points to 67.6%[2]. - The white liquor business recorded an unaudited consolidated revenue of RMB 1,178,000,000 in the first half of 2024, representing a year-on-year increase of approximately 20.6%[11]. - The gross margin for the white liquor business rose by 2.1 percentage points to 67.6% in the first half of 2024[11]. - Sales of the national high-end liquor product "Summary" grew by over 50% year-on-year, contributing approximately 70% to the liquor business revenue[2]. - Sales of the national high-end product "Summary" increased by over 50% year-on-year, contributing approximately 70% to the white liquor business revenue[35]. Dividends and Shareholder Returns - The board declared an interim dividend of RMB 0.373 per share, a 30% increase compared to the same period last year[3]. - The company declared an interim dividend of RMB 0.373 per share for the six months ended June 30, 2024, compared to RMB 0.287 per share in the same period of 2023[25]. Strategic Initiatives - The company aims to maintain growth as its primary strategy and is committed to pursuing high-quality development while controlling capital expenditures[3]. - The group plans to implement a dual empowerment business model of "beer + liquor" to enhance competitive advantages and optimize management[12]. - The company is committed to achieving its "3+3+3" development strategy, focusing on transforming from scale to quality and from traditional to modern operations[12]. - The company has optimized its production capacity by ceasing operations at one brewery and starting operations at a new intelligent brewery in Jinan, Shandong[32]. - The company completed the acquisition of a 55.19% stake in Guizhou Jinsha Liquor Industry Co., Ltd., which has been included in the financial consolidation since January 10, 2023[31]. Compliance and Governance - The company has adhered to the corporate governance principles and guidelines since November 2003, with the latest revisions made on June 27, 2024[44]. - The company has confirmed compliance with the standards of the Code of Conduct for Securities Transactions, with no violations reported for the six months ending June 30, 2024[45]. - The interim results for the six months ending June 30, 2024, have been reviewed by the audit committee and independent auditor without any objections[46]. Other Financial Metrics - Current assets totaled RMB 19,004 million, an increase from RMB 17,141 million as of December 31, 2023[19]. - Inventory decreased to RMB 9,015 million from RMB 9,502 million, indicating improved inventory management[19]. - The company's interest income for the six months ended June 30, 2024, was RMB 102 million, down from RMB 208 million in the same period of 2023[22]. - The company recognized government grants amounting to RMB 238 million for the six months ended June 30, 2024, compared to RMB 163 million in the same period of 2023[22]. - The total cost of goods sold for the six months ended June 30, 2024, was RMB 12,605 million, slightly down from RMB 12,880 million in the same period of 2023[25]. - The company’s capital expenditure for the six months ended June 30, 2024, was RMB 747 million, compared to RMB 76 million in the same period of 2023[21]. - The company’s depreciation and amortization expenses for the six months ended June 30, 2024, were RMB 1,140 million, compared to RMB 1,149 million in the same period of 2023[21]. - The company’s total assets as of June 30, 2024, were RMB 19,444 million, an increase from RMB 17,942 million in the same period of 2023[25]. - The company's bank loans as of June 30, 2024, totaled RMB 1,378 million, with an effective annual interest rate ranging from 0.99% to 2.35%[30]. - The group employed approximately 27,000 people, with employee costs totaling around RMB 2,882,000,000 for the year[40]. - The group has no significant acquisitions or disposals during the six months ended June 30, 2024[41]. - A framework agreement for a comprehensive energy project was signed on July 2, 2024, with a term from January 1, 2024, to December 31, 2026[47].