珠江啤酒（002461.SZ）2024 年三季报点评 收入α维持，盈利稳步提升 2024 年 10 月 26 日 ➢ 事件：2024 年 10 月 24 日，公司发布 2024 年三季报。2024 年前三季 度，公司营收/归母净利润/扣非归母净利润实现 48.87/8.07/7.68 亿元，分别同 比+7.37%/+25.35%/+27.23%；经测算，24Q3 公司营收/归母净利润/扣非归 母净利润实现 19.01/3.07/2.92 亿元，分别同比+6.89%/+10.60%/+9.10%。 ➢ 收入维持前期增势，非现饮占比高+渠道利润周期创造α。24Q3 公司收入 同比增 6.89%，其中销量 48.34 万吨，同比+4.75%，千升酒收入 3932 元，同 比+2.04%。24Q1/Q2 公司收入分别同比增 7.05%/8.07%，三季度公司收入延 续前期增势，维持量价齐升，同时销量跑赢行业大盘（2024 年 7- 9 月我国啤酒 总产量分别为 358.60/358.50/290.40 万吨，同比-10.88%/-4.25%/+1.33%， Q3 合计同比-5.26%）。在消费整体下游需求偏弱背景下公 ...

Investment Rating - The report maintains a "Buy" rating for the company [3][4]. Core Views - The company has shown a continuous good performance in revenue and sales, with a significant improvement in gross profit margin and expansion of gross profit per unit [2][3]. - The company is expected to benefit from policy support that boosts consumer recovery, leading to valuation recovery [3]. Financial Summary - For the first three quarters of 2024, the company achieved revenue of 4.887 billion yuan, a year-on-year increase of 7.37%, and a net profit attributable to shareholders of 808 million yuan, up 25.35% year-on-year [3]. - In Q3 2024 alone, the company reported revenue of 1.901 billion yuan, a year-on-year increase of 6.89%, and a net profit of 307 million yuan, up 10.60% year-on-year [3]. - The company’s beer sales reached 480,000 tons in Q3 2024, a year-on-year increase of 4.7%, with revenue per ton at 3,932 yuan, up 2.0% year-on-year [3]. Earnings Forecast - The EPS forecast for 2024-2026 is maintained at 0.36, 0.41, and 0.45 yuan respectively, with a target price raised to 11.20 yuan based on a 27X PE for 2025 [3][4]. Cost and Margin Analysis - The company’s operating cost per ton in Q3 2024 was 1,975 yuan, down 5.5% year-on-year, contributing to a gross profit margin increase of 4.0 percentage points to 49.8% [3]. - The gross profit per unit has expanded by 1.9 percentage points year-on-year, with a net profit margin of 16.1% in Q3 2024, up 0.5 percentage points year-on-year [3]. Market Position - The company maintains a relative advantage in the market, particularly with its premium beer products benefiting from a high proportion of on-premise consumption channels [3].

Revenue and Profit Growth - Revenue for the third quarter reached 1.90 billion yuan, a year-on-year increase of 6.89%[2] - Net profit attributable to shareholders of the listed company was 306.73 million yuan, up 10.60% year-on-year[2] - Total operating revenue for the period reached 4,886,863,556.88 yuan, an increase from 4,551,272,884.20 yuan in the previous period[12] - Operating profit rose to 972,017,419.52 yuan, up from 784,215,740.62 yuan in the same period last year[13] - Net profit attributable to parent company shareholders increased to 806,538,091.36 yuan, compared to 643,441,593.03 yuan in the previous year[14] - Basic earnings per share (EPS) improved to 0.3644 yuan from 0.2907 yuan in the prior period[14] - Total comprehensive income for the period reached 823,845,589.96 yuan, up from 661,026,867.61 yuan in the prior year[14] Asset and Liability Changes - Total assets as of the end of the reporting period were 16.02 billion yuan, an increase of 10.38% compared to the end of the previous year[2] - Accounts receivable increased by 38.82% compared to the beginning of the year, mainly due to an increase in receivables[4] - Prepaid accounts grew by 30.18% compared to the beginning of the year, primarily due to an increase in prepayments[4] - Other non-current assets surged by 725.13% compared to the beginning of the year, mainly due to an increase in prepaid project payments[4] - Short-term borrowings increased by 42.07% compared to the beginning of the year, mainly due to an increase in bank loans[4] - Accounts payable grew by 61.14% compared to the beginning of the year, primarily due to increased procurement payments resulting from higher sales[4] - Pre-received accounts increased by 70.99% compared to the beginning of the year, mainly due to an increase in pre-received merchant payments[4] - Taxes payable surged by 211.43% compared to the beginning of the year, primarily due to increased tax payments resulting from higher sales[4] - The company's monetary funds increased to 8.575 billion yuan as of September 30, 2024, compared to 7.094 billion yuan at the beginning of the year[10] - Accounts receivable rose to 31.141 million yuan from 22.433 million yuan at the beginning of the year[11] - Prepayments increased to 31.764 million yuan from 24.401 million yuan at the beginning of the year[11] - Inventory grew to 1.888 billion yuan from 1.804 billion yuan at the beginning of the year[11] - Total current assets reached 10.618 billion yuan, up from 9.131 billion yuan at the beginning of the year[11] - Fixed assets decreased slightly to 2.956 billion yuan from 2.980 billion yuan at the beginning of the year[11] - Construction in progress increased to 525.274 million yuan from 472.660 million yuan at the beginning of the year[11] - Total assets grew to 16.025 billion yuan from 14.518 billion yuan at the beginning of the year[11] - Short-term borrowings rose to 2.271 billion yuan from 1.598 billion yuan at the beginning of the year[11] - Total liabilities increased to 5,455,668,975.08 yuan, up from 4,477,928,612.29 yuan in the previous period[12] - Total equity attributable to parent company shareholders grew to 10,505,511,116.62 yuan, compared to 9,975,639,085.26 yuan in the prior period[12] Sales and Product Performance - The company achieved beer sales of 1.1819 million tons in the first three quarters of 2024, a year-on-year increase of 2.75%, with high-end beer product sales growing by 14.81%[9] Expense and Income Changes - Research and development expenses increased to 151,145,033.63 yuan, up from 127,959,029.15 yuan in the previous year[13] - Sales expenses rose to 718,695,002.23 yuan, compared to 623,509,606.45 yuan in the same period last year[13] - Financial income improved to -106,402,360.63 yuan, compared to -132,680,985.30 yuan in the previous period[13] Cash Flow and Liquidity - Sales of goods and services received cash of RMB 5,592,282,778.17, an increase compared to the previous period's RMB 5,041,581,559.96[15] - Total cash inflow from operating activities was RMB 5,642,887,126.01, up from RMB 5,155,462,253.04 in the previous period[16] - Cash outflow for purchasing goods and services was RMB 2,839,467,252.34, higher than the previous period's RMB 2,678,471,171.41[16] - Net cash flow from operating activities increased to RMB 1,241,568,830.59 from RMB 1,051,227,110.96[16] - Net cash flow from investing activities was negative RMB 2,174,148,191.26, compared to negative RMB 26,396,936.18 in the previous period[16] - Net cash flow from financing activities was RMB 368,945,223.95, slightly lower than the previous period's RMB 398,183,161.77[16] - The net increase in cash and cash equivalents was negative RMB 563,536,224.44, compared to a positive RMB 1,423,013,336.55 in the previous period[17] - The ending balance of cash and cash equivalents was RMB 957,658,398.73, down from RMB 2,839,648,130.38 in the previous period[17]

证券代码：002461 证券简称：珠江啤酒 广州珠江啤酒股份有限公司投资者关系活动记录表 | --- | --- | --- | |-------------------------|--------------------------------------|------------------------------------------------------------------------------------| | | | 编号：20240912 | | 投资者关系活动 | | 特定对象调研 □分析师会议 | | 类别 | □媒体采访 | 业绩说明会 | | | □新闻发布会 □路演活动 | | | | □现场参观 | | | | 其他 （ | 广东辖区上市公司投资者网上集体接待日活动） | | 参与单位名称及 人员姓名 | 通过全景网参与 2024 日活动的投资者 | 年广东辖区上市公司投资者网上集体接待 | | | | | | 时间 2024 | 年 9 月 12 日下午 | 15:30-16:30 | | | 地点 全景网"投资者关系互动平台"（ | http s ://rs.p5w. ...

Investment Rating - The report gives an "Outperform" rating for Zhujiang Beer [4][5][6] Core Views - Zhujiang Beer has shown strong revenue growth and improved profitability, driven by the performance of its premium product lines and effective cost management [5][6][23] - The company is well-positioned in the Guangdong market, benefiting from a strong brand presence and ongoing channel expansion [6][23] - The report anticipates continued revenue and profit growth through 2026, with a focus on high-end product development [5][6][23] Summary by Sections Financial Performance - In the first half of 2024, Zhujiang Beer achieved total revenue of 2.986 billion yuan, up 7.69% year-on-year, and a net profit of 500 million yuan, up 36.52% year-on-year [5][6] - The beer business generated revenue of 2.88 billion yuan, with a 1.4% increase in total sales volume [5][6] - The average price of beer increased by 6.7% year-on-year, with premium products accounting for 71.0% of revenue, up 5.4 percentage points [5][6] Product Structure and Profitability - The company's gross margin improved to 49.0%, up 3.6 percentage points, due to product upgrades and declining costs of raw materials [5][6] - The net profit margin reached 16.7%, reflecting significant improvements in profitability [5][6] Market Position and Growth Potential - Zhujiang Beer maintains a leading market share in Guangdong, with a focus on high-end products like the 97 Pure Draft series, which continues to show strong growth potential [6][23] - The report projects revenue growth of 6.6% in 2024, with net profit expected to grow by 28.3% [5][6] Valuation - The estimated fair value of Zhujiang Beer is between 9.26 and 10.12 yuan, indicating a potential upside of 7-17% from the current stock price [4][5][6]

广州珠江啤酒股份有限公司投资者关系活动记录表 | --- | --- | --- | |-----------------|--------------------------------------|----------------------------------------------------------| | | | 编号：20240828 | | 投资者关系活动 | ☑特定对象调研 □分析师会议 | | | 类别 | □媒体采访 □业绩说明会 | | | | □新闻发布会 □路演活动 | | | | □现场参观 | | | | □其他 （ ） | | | 参与单位名称及 | 太平洋证券 | 郭梦婕;太平洋证券 林叙希;民生证券 张馨予;中 | | 人员姓名 | 信证券 张晟;兴业证券 | 汪润;大成基金 王明珠;长江证券 冯 | | | 萱;国盛证券 陈熠;国泰君安 | 陈力宇;国泰君安 姚世佳；德邦证 | | | 券 韦香怡；广发基金 | 陈樱子;财通证券 赵婕。 | | 时间 2024 | 年 8 月 28 日 | | | 地点 公司会议室 | | | | 形式 | 现场会议 | | | ...

[Table_RightTitle] 证券研究报告|食品饮料 [Table_Title] 盈利能力提升明显，高端产品表现亮眼 [Table_StockName] ——珠江啤酒（002461）点评报告 [Table_ReportDate] 2024 年 08 月 27 日 [Table_Summary] 报告关键要素: 8 月22日，公司发布 2024年半年度报告。报告显示，公司2024H1/2024Q2 实现营业收入 29.86/18.78 亿元（YoY+7.69%/+8.07%），实现归母净利 润 5.00/3.79 亿元（YoY+36.52%/+35.63%），实现扣非归母净利润 4.76/3.71 亿元（YoY+41.72%/+40.61%）,公司业绩表现好于此前预期。 投资要点: ⚫ 毛利率、净利率均有明显提升，销售费用率、财务费用率略有增加，管 理费用率、研发费用率略有下滑。2024H1/2024Q2 公司毛利率为 49.03%/53.11%，同比+3.57pcts/+4.87pcts；2024H1/2024Q2 公司净利 率为 17.01%/20.49%，同比+3.46pcts/+4.00pcts ...

公 司 研 究 证券研究报告 ＃industryId＃ 啤酒 ＃investSuggestion＃ 增持 ( 公 司 点 评 报 告 | --- | --- | |-------------------------|-----------| | ＃市场数据 marketData＃ | | | 日期 | 2024-8-22 | | 收盘价（元） | 8.48 | | 总股本（百万股） | 2213.33 | | 流通股本（百万股） | 2213.33 | | 净资产（百万元） | 10198.78 | | 总资产（百万元） | 15127.41 | | 每股净资产（元） | 4.61 | | | | ＃相关报告 relatedReport＃ 《珠江啤酒中报业绩预告点评： 量价表现强劲，业绩持续超预 期》20240711 《珠江啤酒一季报点评：业绩表 现超预期，高档纯生增持强劲》 20240426 《珠江啤酒年报点评：97 纯生 延续高增，期待营销改革持续强 化》20240329 ＃分析师： emailAuthor＃ 郭晓东 guoxiaodong@xyzq.com.cn S0190521080002 汪润 wa ...

食品饮料 | 证券研究报告 — 调整盈利预测 2024 年 8 月 26 日 珠江啤酒 量价齐升趋势延续，1H24 实现高质量增长 珠江啤酒披露 2024 年中报，1H24 实现营收 29.9 亿元，同比+7.7%，实现归 母/扣非归母净利润 5.0/4.8 亿元，同比+36.5%/+41.7%；其中 2Q24 实现营收 18.8 亿元，同比+8.1%。实现归母/扣非归母净利润 3.8/3.7 亿元，同比 +35.6%/+40.6%。公司延续量价齐升趋势，整体表现优于行业。毛利率大幅 提升，利息收入同比减少，实现高质量增长。预计公司 24-26 年 EPS 为 0.36、 0.42、0.48 元，维持增持评级。 支撑评级的要点 公司延续量价齐升趋势，整体表现优于行业。1）整体来看，1H24 公司啤酒/其他业务 实现营收 28.8/1.1 亿元，同比+8.2%/-5.0%，啤酒销量/吨价分别同比+1.4%/+6.7%至 69.9 万吨/4116 元。量、价增幅均领先行业。2）分档次来看，公司 1H24 高档/中档/大众化 产品分别实现营收 20.4/6.5/1.9 亿元，同比+17.2%/-13.4%/+12. ...

2024 年 08 月 23 日 公司点评 增持/维持 珠江啤酒(002461) 目标价: 9.20 昨收盘:8.48 珠江啤酒：大单品放量助力结构升级，利润端弹性凸显 ◼ 走势比较 (30%) (22%) (14%) (6%) 2% 10% 23/8/2323/11/424/1/1624/3/2924/6/1024/8/22 珠江啤酒 沪深300 ◼ 股票数据 总股本/流通(亿股) 22.13/22.13 总市值/流通(亿元) 187.69/187.69 12 个月内最高/最低价 (元) 9.37/6.6 相关研究报告 <<珠江啤酒 2017 中报点评：销量近 两位数增长，盈利能力逐季改善>>-- 2017-08-27 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：珠江啤酒发布 2024 半年报，2024H1 实现营收 29.86 亿元， 同比+7.69%，归母净利润 5.00 亿元，同比+36.52%，扣 ...