Investment Rating - The investment rating for the company is "Add" [5] Core Views - The company reported a revenue of 5.731 billion yuan for 2024, representing a year-over-year increase of 6.56%, and a net profit attributable to shareholders of 810 million yuan, up 29.95% year-over-year [1][2] - The gross margin and net margin have significantly improved, with the gross margin at 46.30% (up 3.48 percentage points) and net margin at 14.50% (up 2.53 percentage points), primarily due to lower raw material costs and product mix upgrades [2][3] - The company has seen strong performance in high-end products, with high-end product revenue reaching 3.904 billion yuan, a year-over-year increase of 13.97%, and accounting for 70.84% of total revenue [3][4] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 5.731 billion yuan and a net profit of 810 million yuan, with a year-over-year growth of 6.56% and 29.95% respectively [1] - The company’s gross profit margin improved to 46.30%, while the net profit margin reached 14.50% [2] Revenue Breakdown - Revenue from different channels in 2024: ordinary channel 5.155 billion yuan (+6.00%), supermarkets 198 million yuan (+46.71%), night venues 88 million yuan (-4.72%), and e-commerce 71 million yuan (+20.51%) [3] - High-end products showed the highest growth, with sales volume of high-end beer increasing by 13.96% year-over-year [3] Future Projections - The company expects steady revenue growth, with projected revenues of 6.188 billion yuan in 2025, 6.681 billion yuan in 2026, and 7.182 billion yuan in 2027 [4] - The forecasted net profit for 2025 is 896 million yuan, reflecting a growth of 10.60% year-over-year [4][10]

Investment Rating - The investment rating for the company is "Add" [5] Core Views - The company reported a revenue of 5.731 billion yuan for 2024, representing a year-over-year increase of 6.56%, and a net profit attributable to shareholders of 810 million yuan, up 29.95% year-over-year [1][2] - The gross margin and net margin have significantly improved, with the gross margin at 46.30% (up 3.48 percentage points) and net margin at 14.50% (up 2.53 percentage points), primarily due to lower raw material costs and product mix upgrades [2][3] - The company has seen strong performance in high-end products, with revenue from high-end products reaching 3.904 billion yuan, a year-over-year increase of 13.97%, and accounting for 70.84% of total revenue [3][4] Summary by Sections Financial Performance - For 2024, the company achieved a revenue of 5.731 billion yuan and a net profit of 810 million yuan, with a year-over-year growth of 6.56% and 29.95% respectively [1] - The company’s gross profit margin improved to 46.30%, and net profit margin increased to 14.50% [2] Revenue Breakdown - Revenue from different channels for 2024: ordinary channel 5.155 billion yuan (+6.00%), supermarkets 198 million yuan (+46.71%), night venues 88 million yuan (-4.72%), and e-commerce 71 million yuan (+20.51%) [3] - High-end products showed the highest growth, with sales volume of high-end beer increasing by 13.96% year-over-year [3] Product and Market Strategy - The company is expanding its product matrix and enhancing product strength by integrating elements of sports, music, and food, and hosting events like the Pearl River Beer Music Festival [4][10] - The company is actively pursuing high-end product development and has introduced new products to align with market trends [10] Future Outlook - The company is expected to maintain steady growth, with projected net profits for 2025-2027 at 896 million yuan, 967 million yuan, and 1.059 billion yuan respectively, reflecting year-over-year growth rates of 10.60%, 7.95%, and 9.46% [10][12]

量价齐升，毛销差明显提升 珠江啤酒(002461) ——珠江啤酒 2024 年报点评 | 2 | | --- | | 工壇 H | | 酒 | | (002 | | 2461 1 | 食品饮料 [Table_Industry] /必需消费 | [Table_Invest] 评级： | | 增持 | | --- | --- | --- | | | 上次评级: | 增持 | | [Table_Target] 目标价格： | | 11.80 | | | 上次预测: | 11.20 | | Table_CurPrice] [当前价格： | | 10.14 | 本报告导读： 公司 2024 全年销量表现优于行业，吨价和结构提升趋势延续，吨成本明显下降，毛 销差扩张明显，2024Q4 预计进入渠道去库存状态为 2025 年增长奠定基础。 投资要点： | [Table_Finance] 财务摘要（百万元） | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 5,378 | 5,731 | 6,102 ...

智通财经记者 | 张艺 啤酒界"华南王"珠江啤酒（002461.SZ）披露了一份史上最好成绩单。 珠江啤酒2024年实现营业收入57.31亿元，同比增长6.65%；归母净利润8.10亿元，同比增长29.95%。两项指标双双创下历史新高，也优 于行业整体表现。 智通财经发现，珠江啤酒业绩创新高的同时，面临三大隐忧。首先，公司靠产品高端化来提高利润水平，但其中高端产品占比已高，提 升空间有限。 其次，募资使用效率问题。七年前定增募资的43亿元，还有26亿元躺在资金专户收利息，多个项目推进缓慢。 去年年报透露出最重要的问题在于，珠江啤酒全国化进程不进反退，在整体营收增长的同时，非华南地区的营收下降超10%。 显然这不是管理层想看到的。正因全国化迟滞不前，公司营收增长也十分缓慢，规模已远远落后"啤酒五强"公司。 那么，珠江啤酒全国化为何难以有效拓展？公司下一个增长引擎在哪？ 珠江啤酒证券部人士回应智通财经，公司正努力通过持续完善全国营销网络，加强广东省外市场的开拓，增强公司在其他地区的影响 力。同时该人士认为，公司中高端市场还有一定的增长空间。 量价齐升拉动业绩 营收突破新高，归母净利润跳过7亿元区间，直接站上8亿元 ...

➢ 量价表现亮眼好于行业平均，非现饮占比高+渠道利润周期创造α。24 年公 司啤酒收入 55.11 亿元，同比+7%，分量价来看，销量 143.96 万吨，同比+2.62% （同期我国规上啤酒企业产量同比-0.6%），吨价 3828 元，同比+4.3%，预计 量价均好于行业平均。产品结构来看，高档/中档/大众化啤酒产品分别 39.04/12.39/3.68 亿 元 ， 同 比 +14.0%/-11.4%/+13.5% ，占比分别 71%/22%/7%，同比+4.3/-4.7/+0.4pct，产品结构持续提升。在 24 年消费整 体下游需求偏弱背景下公司逆势表现，如我们此前观点，预计主要系 1）珠啤非 现饮占比处于行业较高水平，24 年下游餐饮及夜场恢复整体较为疲软，公司受 冲击相对较小；2）餐饮渠道公司持续发力运作 97 纯生，一方面渠道利润周期较 竞品成熟单品更具竞争力，同时公司紧抓终端精耕细作，97 纯生大单品持续抢 夺份额，以上两点共同促成公司收入端α。24Q4 公司营收 8.44 亿元，同比 +2.11%，销量 25.77 万吨，同比+2.1%，千升酒收入 3276 元，同比+0.1%。 ➢ 成本红利 ...

珠江啤酒（002461.SZ）2024 年年报点评 量价表现亮眼，盈利显著向上 2025 年 03 月 29 日 ➢ 事件：2025 年 3 月 27 日，公司发布 2024 年年报。2024 年公司实现营业 总收入 / 归 母 净 利 润 / 扣 非 归 母 净 利 润 57.31/8.10/7.62 亿元，同比 +6.56%/+29.95%/+36.79%。经测算，24Q4 公司实现营收/归母净利润/扣非 归母净利润实现 8.44/0.04/-0.06 亿元，营收同比+2.11%；归母净利润同期亏 损 0.2 亿元，扭亏为盈；扣非归母净利润同期亏损 0.47 亿元，显著减亏。 ➢ 量价表现亮眼好于行业平均，非现饮占比高+渠道利润周期创造α。24 年公 司啤酒收入 55.11 亿元，同比+7%，分量价来看，销量 143.96 万吨，同比+2.62% （同期我国规上啤酒企业产量同比-0.6%），吨价 3828 元，同比+4.3%，预计 量价均好于行业平均。产品结构来看，高档/中档/大众化啤酒产品分别 39.04/12.39/3.68 亿 元 ， 同 比 +14.0%/-11.4%/+13.5% ，占比分别 7 ...

分产品类别来看，珠江啤酒高档、中档以及大众化啤酒产品分别实现营业收入39.04亿元、12.39亿元以 及3.68亿元，同比提升13.97%、-11.41%、13.48%。珠江啤酒在财报中表示，当前，中国啤酒行业已进 入平稳发展阶段，啤酒行业竞争激烈，但啤酒消费结构性升级存在发展空间，啤酒行业高端化发展趋势 明显。 3月28日，广州珠江啤酒（002461）股份有限公司(以下简称"珠江啤酒")发布2024年年度报告。数据显 示，2024年公司实现营业收入57.31亿元，同比增长6.56%；归属于上市公司股东的净利润8.10亿元，同 比增长29.95%。 同日，珠江啤酒发布的《关于2024年度利润分配预案的公告》显示，拟向全体股东每10股派发现金红利 1.7元(含税)。 2024年，珠江啤酒的啤酒业务实现营业收入55.11亿元，同比提升7.04%。分渠道来看，公司在普通、商 超、夜场以及电商渠道分别实现营业收入51.55亿元、1.98亿元、0.88亿元以及0.71亿元，同比增长6%、 46.71%、-4.72%以及20.51%，毛利率分别为44.64%、58.44%、36.33%及49.61%。 分地区来看，202 ...

Investment Rating - The report maintains an "Accumulate" rating for Zhujiang Beer with a target price of 11.76, compared to the last closing price of 10.30 [1]. Core Insights - Zhujiang Beer achieved a revenue of 5.731 billion in 2024, representing a year-on-year increase of 6.56%. The net profit attributable to shareholders was 810 million, up 29.95% year-on-year, while the net profit excluding non-recurring items was 762 million, reflecting a 36.79% increase [4][5]. - The sales volume of beer in 2024 was affected by demand, with a slight decline in overall production in China. However, Zhujiang Beer managed to increase its sales volume by 2.6% to 143.96 million tons and the average price per ton rose by 4.3% to 3828 [5][6]. - The company continues to optimize its product structure, launching new products like Zhujiang P9 and Zhujiang Beer 1985, while the flagship product, 97 Pure Draft, is expected to maintain double-digit growth [5][6]. Financial Performance - In Q4 2024, Zhujiang Beer reported a revenue of 844 million, a year-on-year increase of 2.11%, with net profit soaring by 118.74% to 4 million [4]. - The gross profit margin for 2024 reached 46.30%, an increase of 3.5 percentage points year-on-year, driven by product structure upgrades and cost optimization [5][10]. - The company forecasts revenue growth rates of 6% for 2025, 6% for 2026, and 5% for 2027, with net profit growth rates of 15%, 10%, and 9% respectively [5][6]. Market Position and Strategy - Zhujiang Beer has shown resilience in the South China market, with revenue from the region increasing by 7.5% to 5.49 billion, while other regions experienced a decline of 10.4% [5]. - The company has optimized its distributor network, with a net decrease of 114 distributors in Guangdong but an increase of 16 in other regions [5]. - The report highlights the ongoing structural upgrades and cost reductions as key drivers for improved profitability and market competitiveness [5][10].

2024 年公司实现营收57.3 亿元，同比+6.6%；归母净利润8.1 亿元，同比+30.0%；扣非归母净利润7.6 亿元，同比+36.8%，符合业绩快报。其中24Q4公司实现营收8.4 亿元，同比+2.1%；归母净利润0.04 亿 元，同比扭亏为盈（23Q4 为-0.2 亿）；实现扣非归母净利润-0.06 亿元，同比减亏（23Q4为-0.5 亿）。 2024 年公司啤酒量/价同比+2.6%/+3.8%；其中24Q4 同比+2.1%/持平，24 年量价表现优于行业，广东省 内格局改善及品价比消费趋势下，公司依靠省内强品牌力及认知度充分受益，97 纯生在前期渠道深耕 下延续高增势能。展望未来，看好省内格局优化带来的份额提升机会，纯生高增带动盈利释放，维 持"买入"评级。 24 年量价齐升，纯生带动结构升级加速 24 年啤酒/酵母饲料/包材/租赁餐饮服务收入55.1/0.5/0.06/0.9 亿，同比+7.0%/+0.4%/-2.6%/-8.5%。24 年 啤酒销量144.0 万吨，同比+2.6%，啤酒吨价+3.8%，24 年实现量价齐升，吨价提升主要系公司结构化 改善影响，24 年高档/ 中档/ 大众啤酒营收 ...

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company achieved a revenue of 5.731 billion RMB in 2024, a year-on-year increase of 6.6%, and a net profit attributable to the parent company of 810 million RMB, up 30.0% year-on-year [1][4] - The company’s beer sales volume increased by 2.6% year-on-year, with a price increase of 3.8%, indicating a strong performance in both volume and pricing [2][3] - The report highlights the structural upgrade in product offerings, particularly the high-end products like 97 Pure Draft, which benefited from improved market dynamics in Guangdong province [2][3] Summary by Sections Financial Performance - In 2024, the company reported a gross margin of 46.3%, an increase of 3.5 percentage points year-on-year, driven by lower raw material costs and structural upgrades [3] - The net profit margin for 2024 increased by 2.5 percentage points to 14.1% [3] Revenue Breakdown - The revenue from beer, yeast feed, packaging materials, and restaurant leasing services in 2024 was 5.551 billion, 5 million, 60 million, and 90 million RMB respectively, with beer revenue growing by 7.0% year-on-year [2] - The sales revenue from different channels showed varied performance, with supermarkets seeing a significant increase of 46.7% year-on-year [2] Future Outlook - The report projects an EPS of 0.45 RMB for 2025 and 0.52 RMB for 2026, with a target price of 12.60 RMB based on a PE ratio of 28x for 2025 [4][8] - The company is expected to benefit from the recovery of offline consumption and the continued growth of high-end products [3][4]