研究报告Research Report 31 Mar 2024 珠江啤酒 Guangzhou Zhujiang Brewery (002461 CH) 2023 年报点评：四季度表现拖累全年，销量增速业内领先 The performance in 23Q4 dragged down the year, with sales growth leading the industry [观Ta点bl聚e_焦yem Inevie1s] tment Focus [Tab维le_持Inf优o] 于大市Maintain OUTPERFORM (Please see APPENDIX 1 for English summary) 事件。珠江啤酒发布2023年年报，全年实现营收53.8亿元，同比 评级 优于大市OUTPERFORM +9.1%；归母净利润 6.2 亿元，同比+4.2%；扣非归母净利润 5.6 亿 现价 Rmb7.80 元，同比+4.6%。23Q4 实现营收 8.3 亿元，同比+1.2%；归母净利 目标价 Rmb9.00 润/扣非归母净利润分别为-0.2/-0.5 亿元，同比转亏（22Q4 分别为 HTI ESG ...

珠江啤酒（002461.SZ）2023年年报点评 量价齐增，盈利能力有望改善 2024年03月31日 ➢ 事件：公司发布2023年年报，2023年公司实现营业总收入53.78亿元， 推荐 维持评级 同比+9.13%；归母净利润 6.24 亿元，同比+4.22%；扣非归母净利润 5.57 亿 当前价格： 7.80元 元，同比+4.63%。经测算，23Q4公司实现营业总收入8.27亿元，同比+1.16%； 归母净利润-0.20亿元，22Q4为0.28亿元；23Q4扣非归母净利润-0.47亿元， [Table_Author] 22Q4为0.06亿元。 ➢ 销量表现优于行业，产品结构持续优化驱动吨价提升。2023 年公司销量达 140.28万千升，同比+4.79%（vs行业规上企业产量同比增0.3%）。结构端看， 中档/大众化产品营收分别同比-3.59%/+5.32%，占比分别同比-3.48/-0.2pct， 而高档产品营收同比增15.12%，占比同比+3.68pct，销量同比增15.96%，预 计大单品 97 纯生依托餐饮渠道拓展维持良好增长。产品结构改善驱动公司吨价 分析师 王言海 稳健提升，全年同比+3.76% ...

上 市 公 司 食品饮料 2024 年03月 29 日 珠江啤酒 (002461) 公 司 研 究 ——南起珠江 深耕华南 / 公 司 深 报告原因：首次覆盖 度 中性 投资要点： （首次评级）  南起珠江，深耕华南。珠江啤酒成立于 1985年，凭借啤酒品质与地方文化认同，在华南 市场具备强竞争力。公司由国资委+啤酒巨头百威英博长期稳定控股，具备国际经验和本 证 市场数据： 2024年03月28日 土化优势，经历起步-扩张-调整-转型升级四个发展阶段。去年来伴随消费场景恢复，高端 券 研 收盘价（元） 7.81 策略+产品提价支撑下，珠江啤酒实现收入增长，经营效率逐步改善，盈利受原料成本端 究 一年内最高/最低（元） 9.65/6.6 挤压。23年公司实现营业收入53.78亿，同增9%，销量140.28万吨，同增4.8%，归母 报 市净率 1.7 告 息率（分红/股价） - 净利润6.25亿，同增4.22%。 流通A股市值（百万元） 17286  区域性啤酒企业高端化：次高端单品全国化为主要驱动力。我国啤酒行业正处于量减价增 上证指数/深证成指 3010.66/9342.92 的变动期，酒企具备两种价格实 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting its stock price to outperform the benchmark index by more than 20% in the next 6-12 months [11]. Core Views - The company achieved a revenue of RMB 5.378 billion in 2023, representing a year-on-year growth of 9.1%. The net profit attributable to the parent company was RMB 624 million, up 4.2% year-on-year [4][5]. - The report highlights that the beer industry is undergoing structural upgrades, and the company is expected to continue benefiting from its "3+N" brand strategy, which focuses on enhancing marketing efforts and product mix [5][6]. - The forecast for earnings per share (EPS) for 2024-2026 is RMB 0.33, RMB 0.37, and RMB 0.42, reflecting year-on-year growth rates of 16.2%, 14.0%, and 12.3% respectively [4][5]. Financial Summary - **Revenue and Growth**: The company reported a total revenue of RMB 5.378 billion in 2023, with a growth rate of 9.1%. The beer business showed strong performance with volume and price increases of 4.8% and 4.1% respectively [4][5]. - **Profitability**: The net profit margin slightly decreased due to reduced interest income, with the net profit margin for 2023 at 11.6% [5][6]. - **Cost Structure**: The cost per ton increased by 3.4% to RMB 2,192, but the gross margin improved by 0.4 percentage points to 42.8% due to product mix upgrades [5][6]. - **Quarterly Performance**: In Q4 2023, the company achieved a revenue of RMB 830 million, with a year-on-year growth of 1.2%. However, it reported a net loss of RMB 20 million due to increased costs and lower prices [5][6]. Valuation Metrics - The report provides a forecast for the company's price-to-earnings (P/E) ratio, which is expected to decrease from 28.9 in 2022 to 18.6 by 2026, indicating an improving valuation as earnings grow [4][5]. - The expected dividend per share remains stable at RMB 0.1 for 2023, with a projected increase to RMB 0.2 by 2025 [4][5].

Financial Performance - In 2023, the company achieved operating revenue of CNY 5,378,040,272.06, representing a year-on-year increase of 9.13% compared to CNY 4,928,137,239.13 in 2022[16]. - The net profit attributable to shareholders was CNY 623,507,931.85, up 4.22% from CNY 598,264,071.35 in the previous year[16]. - The company reported a net profit from operating activities of CNY 819,197,144.35, which is a significant increase of 38.45% compared to CNY 591,695,776.58 in 2022[16]. - The total assets at the end of 2023 were CNY 14,517,943,555.73, reflecting a growth of 4.10% from CNY 13,946,369,705.62 at the end of 2022[16]. - The company sold 1,402,800 tons of beer in 2023, marking a year-on-year growth of 4.79%[22]. - The company’s basic earnings per share increased to CNY 0.28, up 3.70% from CNY 0.27 in 2022[16]. - The company received government subsidies amounting to CNY 78,812,266.71 in 2023, slightly higher than CNY 78,159,631.00 in 2022[20]. - The company’s weighted average return on equity was 6.39% in 2023, a slight increase from 6.36% in 2022[16]. - The company reported a cash flow net amount from operating activities of CNY 819,197,144.35, a significant increase compared to CNY 591,695,776.58 in 2022[16]. Market and Competition - The company faces competition risks from both domestic and international large beer enterprises, despite having a strong brand presence in South China[2]. - The company's beer sales market is primarily concentrated in South China, which poses risks to sustainable revenue growth if market expansion is not effectively managed[3]. - The sales volume of high-end beer products increased by 15.96% year-on-year, with e-commerce channel sales growing by 19%[23]. - The company has maintained a leading technological advantage and high product quality in the competitive beer industry, particularly in the South China region[22]. Production and Capacity - The company expanded its production capacity with new lines in Meizhou and Nansha, contributing to a green development strategy that reduced CO2 emissions by approximately 6,300 tons[23]. - The production volume of beer in 2023 was 140.33 tons, up 4.44% from 134.37 tons in 2022[43]. - The company is conducting research on new barley varieties to ensure the quality of beer products and production efficiency[58]. - The company is developing a yeast strain conversion and breeding system to enhance the consistency of craft beer quality[58]. Research and Development - In 2023, the company initiated 73 new research projects and received 9 new invention patents, reflecting its commitment to innovation[24]. - The company aims to reduce the total saccharification time by 10% through its research on precise control and regulation technology for saccharification[52]. - Research and development expenses in 2023 were ¥151,180,885.67, a decrease of 8.88% from ¥165,905,113.42 in 2022[51]. - The company reported a total of 625 R&D personnel in 2023, a decrease of 3.55% from 648 in 2022[53]. Environmental Compliance - The company has a good environmental compliance record but faces risks associated with expanding production and increasing national environmental standards[6]. - The company is classified as a key pollutant discharge unit by environmental protection authorities[115]. - The company adheres to multiple environmental protection laws and standards, including the Environmental Protection Law and the Air Pollution Prevention Law[116]. - The company has implemented various air pollution control systems, including a low-nitrogen burner for gas boiler exhaust treatment and pulse bag dust collectors for raw material dust[132]. Governance and Management - The company maintains independence in personnel, assets, financial management, and operations from its controlling shareholder[78]. - The company has established an independent financial accounting department and a clear accounting system[78]. - The company actively engages with investors through various communication channels, including in-person meetings and online platforms[74]. - The company has a structured approach to decision-making for major investments, adhering to board and shareholder approval processes[78]. Shareholder Information - The total number of shares is 2,213,328,480, representing 100% of the company's equity[168]. - The largest shareholder, Guangzhou Industrial Investment Holding Group Co., Ltd., holds 54.15% of the shares, totaling 1,198,493,234 shares[172]. - The second largest shareholder, Interbrew Investment International Holding Limited, owns 29.99% of the shares, amounting to 663,777,210 shares[172]. - The company has not reported any significant changes in shareholding among the board members during the reporting period[82]. Cash Flow and Investments - The company has established a cash flow management strategy that positively impacts its financial stability and operational efficiency[56]. - The total cash inflow from operating activities reached ¥6,249,470,702.89 in 2023, representing a 10.56% increase from ¥5,652,727,391.30 in 2022[56]. - The company reported a total of 10,000,000 yuan in structured deposits from Bank 1, with an annualized return of 2.75% and an actual return of 67.81 million yuan[163]. - The cash inflow from financing activities reached ¥1,988,438,847.31 in 2023, more than double the ¥982,177,997.14 seen in 2022, indicating a growth of approximately 102.5%[199]. Social Responsibility - The company invested CNY 3.36 million in rural revitalization initiatives, demonstrating its commitment to social responsibility[28]. - The company contributed CNY 3.36 million to support poverty alleviation and rural revitalization efforts in various regions[140]. - The company is committed to risk prevention and fulfilling social responsibilities to ensure safety and stability[72].

证 券 2024 年 03 月 29 日 研 究 全年量价齐升，四季度销售结构短期承压 报 告 —珠江啤酒（002461.SZ）公司事件点评报告 买入(维持) 事件 分析师：孙山山 S1050521110005 2024年 03 月28 日，珠江啤酒发布 2023年度业绩报告。 sunss@cfsc.com.cn 分析师：廖望州 S1050523100001 投资要点 liaowz@cfsc.com.cn 基本数据 ▌全年看量价齐升，高端化趋势明显 2024-03-28 当前股价（元） 7.81 公司 2023 年营收实现 53.78 亿元（+9.13%），归母净利润实 总市值（亿元） 173 现 6.24 亿元（+4.22%）。单四季度看，公司 2023Q4 营收实 现 8.27 亿元（+1.16%），实现平稳增长。拆分量价来看，公 总股本（百万股） 2213 司 2023 年总销量为 140.28 万千升（+4.80%），保持平稳增 流通股本（百万股） 2213 长态势，高档产品销量增长 15.96%，销售结构持续升级，带 52周价格范围（元） 6.79-9.59 动公司 2023 吨价同增 4.13%至 ...

[Table_RightTitle] 证券研究报告|食品饮料 公 [Table_Title] [Table_StockRank] 司 增持 研 业绩小幅增长，高端产品表现亮眼 (下调) 究 [Table_StockName] [Table_ReportDate] ——珠江啤酒（002461）点评报告 2024年03月29日 [报Ta告ble关_S键um要m素ar:y ] [基Ta础ble数_B据ase Data] 3 月29日，公司发布2023年年度报告。报告显示，公司2023年度实 总股本（百万股） 2,213.33 现营业收入 53.78 亿元（YoY+9.13%），实现归母净利润 6.24 亿元 流通A股（百万股） 2,213.33 （YoY+4.22%），实现扣非归母净利润5.57亿元（YoY+4.63%）。其中， 收盘价（元） 7.81 公 2023Q4实现营业收入8.27亿元（YoY1.22%），实现归母净利润-0.20亿 总市值（亿元） 172.86 司 元（YoY-171.43%），实现扣非归母净利润-0.47亿元（YoY-883.33%）， 流通A股市值（亿元） 172.86 点 业绩增速略 ...

股 票 研 究 [Table_industryInfo] 食品饮料/必需消费 [ Table_Main[珠ITnaf 江bol]e 啤_Ti酒tle]( 002461) [评Tab级le_：Inv est] 增持 上次评级： 增持 量增快于行业，成本改善可期 目标价格： 10.20 上次预测： 11.90 公 ——2023年年报点评 当前价格： 7.81 司 訾猛(分析师) 陈力宇(分析师) 2024.03.29 更 021-38676442 021-38677618 [交Ta易bl数e_M据a rket] 新 zimeng@gtjas.com chenliyu@gtjas.com 证书编号 S0880513120002 S0880522090005 52周内股价区间（元） 6.79-9.59 报 总市值（百万元） 17,286 告 本报告导读： 总股本/流通A股（百万股） 2,213/2,213 流通 B股/H股（百万股） 0/0 23年公司全年实现量价齐升，23Q4或因折促力度加大影响短期盈利，行业结构升级 流通股比例 100% 和原材料成本逐步改善趋势不改。 日均成交量（百万股） 6.73 投资要点： ...

广州珠江啤酒股份有限公司 2023年12月31日内部控制审计报告 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.gov.cn/】"进行查验 报告编码:粤24S2 中职信会计师事务所(特殊普通合伙) ZHONGZHIXIN CERTIFIED PUB 三、内部控制的固有局限性 内部控制审计报告 中职信审字(2024)第 0998 号 广州珠江啤酒股份有限公司全体股东: 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求,我 们审计了广州珠江啤酒股份有限公司(以下简称"珠江啤酒")2023 年 12 月 31 日 的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》《企业内部控制应用指引》《企业内部控制 评价指引》的规定,建立健全和有效实施内部控制,并评价其有效性是珠江啤酒 董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上,对财务报告内部控制的有效性发表 审计意见,并对注意到的非财务报告内部控制的重大缺陷进行披露。 内部控制具有固有局限性,存在不能防止和发现错报的可能性。此外,由于 情况的变化可能导致内部 ...

证券代码：002461 证券简称：珠江啤酒 公告编号：2024-008 广州珠江啤酒股份有限公司 关于使用闲置资金投资理财及存款类产品的公告 本公司及董事会全体成员保证公告内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 本次投资使用募集资金进行的理财，其发行主体必须为商业银行，且能提供 保本承诺。募集资金有关情况如下： （1）募集资金基本情况 经中国证券监督管理委员会《关于核准广州珠江啤酒股份有限公司非公开发 行股票的批复》（证监许可[2016]3231 号）核准，公司向特定对象非公开发行 人民币普通股（A 股）股票 426,502,472 股，共计募集资金 4,311,939,991.92 元 ， 扣 除 发 行 费 用 16,152,996.87 元 后 ， 公 司 实 际 募 集 资 金 净 额 4,295,786,995.05 元。中喜会计师事务所（特殊普通合伙）对上述募集资金到 位情况进行验证，并于 2017 年 2 月出具《验资报告》（中喜验〔2017〕第 0046 号）。 本次募集资金已存放于公司为本次发行开设的募集资金专户，并与本次发行 保荐机构中信证券股份有限公司、存放募集资金 ...