Investment Rating - The report maintains a "Buy" rating for Zhujiang Beer [8][12]. Core Views - Zhujiang Beer reported a total revenue of 1.108 billion yuan in Q1 2024, representing a year-on-year increase of 7.05%. The net profit attributable to shareholders was 121 million yuan, up 39.37%, while the net profit excluding non-recurring items reached 104 million yuan, an increase of 45.79% [6][8]. - The growth in high-end products is significant, with beer sales volume reaching 263,800 tons, a year-on-year increase of 0.77%. High-end product sales grew by 15.05%, leading to a 6.2% increase in the average price per ton to 4,201 yuan per thousand liters [6][8]. - The company is experiencing a structural upgrade, with a focus on pure draft products and high-end offerings such as raw beer and English-style IPA, which are expected to drive future growth [6][8]. Summary by Sections Financial Performance - In Q1 2024, Zhujiang Beer achieved a gross margin of 42.13%, an increase of 1.35 percentage points year-on-year, driven by improved product mix and reduced cost pressures [6][8]. - The company’s operating expenses remained stable, with a slight increase in the expense ratio by 0.47 percentage points. The net profit margin improved by 2.53 percentage points to 10.91% [6][8]. Future Outlook - The report anticipates continued positive trends for Zhujiang Beer in 2024, with expected earnings per share (EPS) of 0.34, 0.39, and 0.44 yuan for 2024, 2025, and 2026 respectively, corresponding to price-to-earnings (PE) ratios of 25, 22, and 19 [6][8]. - The company is well-positioned to benefit from the recovery of the Australian barley market, which is expected to improve cost structures and enhance profitability [6][8].

公司报告 | 季报点评 珠江啤酒（002461） 证券研究报告 2024年05月 06日 投资评级 升级趋势良好，盈利能力提升 行业 食品饮料/非白酒 6个月评级 买入（维持评级） 当前价格 8.43元 24Q1业绩拆分：24Q1公司实现营业收入11.08亿元（同比+7.05%）； 实现归母净利1.21亿元（同比+39.37%），扣非归母净利 1.04 亿元（同 目标价格 元 比+45.79%）。 基本数据 A股总股本(百万股) 2,213.33 高端增速延续，吨价好于预期。 流通A股股本(百万股) 2,213.33 24Q1 啤酒销量同比+0.77%至 26.38 万吨，吨收入同比+6.2%至 4201 A股总市值(百万元) 18,658.36 元，其中高档啤酒销量同比+15.05%，带动产品结构升级向上。 流通A股市值(百万元) 18,658.36 每股净资产(元) 4.56 资产负债率(%) 27.71 毛销差维稳，其他项影响盈利。 一年内最高/最低(元) 9.47/6.60 24Q1净利率同比+2.5pct 至11.4%，其中：1）毛利率同比+1.3pct（吨 成本+3.8%）；2）销售/管理/研发费 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1][4] Core Views - The company reported a revenue of RMB 1.11 billion in Q1 2024, representing a year-on-year increase of 7.0%. The net profit attributable to shareholders was RMB 120 million, up 39.4% year-on-year [4] - The company is expected to continue benefiting from a dual increase in volume and price in its beer business, with a focus on the synergy between beer sales and cultural industry development [4] - The estimated EPS for 2024-2026 is projected to be RMB 0.33, RMB 0.37, and RMB 0.42, respectively, with corresponding PE ratios of 25.4, 22.3, and 19.8 [4][5] Summary by Sections Financial Performance - In Q1 2024, the company achieved a sales volume of 264,000 kiloliters, with a price per ton of RMB 4,201, reflecting a year-on-year increase of 0.8% in volume and 6.2% in price [4] - The gross profit margin increased by 1.3 percentage points to 42.1%, despite a 3.8% rise in cost per ton to RMB 2,431 [4] - The net profit margin rose by 2.5 percentage points to 10.9% due to reduced asset impairment losses [4] Future Outlook - The company is expected to maintain a strong growth trajectory in its beer business, driven by marketing reforms and a focus on high-end products, which saw a 15.1% increase in sales [4] - The cancellation of anti-dumping duties on Australian barley is anticipated to alleviate raw material cost pressures in 2024 [4] Valuation Metrics - The projected revenue for 2024 is RMB 5.79 billion, with a growth rate of 7.7% [5] - The estimated net profit for 2024 is RMB 724 million, reflecting a growth rate of 16.2% [5] - The company’s dividend per share is expected to remain at RMB 0.1 for 2024, with a dividend yield of 1.7% [5]

Investment Rating - The report maintains a "Buy" rating for Zhujiang Beer (002461) [1] Core Views - The company reported a revenue of 1.11 billion yuan in Q1 2024, representing a year-on-year increase of 7%. The net profit attributable to shareholders reached 120 million yuan, up 39.4% year-on-year, and the net profit excluding non-recurring items was 104 million yuan, reflecting a 45.8% increase year-on-year, exceeding market expectations [2] - The high-end product segment showed steady growth, with a 15.1% year-on-year increase in high-end beer sales. The average price per ton increased by 6.2% year-on-year to 4,201 yuan/ton, driven by the rising sales of premium products [2] - The company is expected to benefit from a favorable cost trend and a strong consumer base in South China, with significant room for product structure upgrades. The "3+N" brand strategy for high-end products is clear, and the company aims to increase the market share of its premium offerings [2] Financial Summary - For 2024, the expected earnings per share (EPS) are projected to be 0.34 yuan, with dynamic price-to-earnings (PE) ratios of 24 times, 21 times, and 18 times for 2024, 2025, and 2026 respectively [3] - The forecasted revenue for 2024 is 5.378 billion yuan, with a growth rate of 7.88%. The net profit attributable to shareholders is expected to be 624 million yuan, reflecting a growth rate of 19.47% [4] - The company's return on equity (ROE) is projected to increase from 6.41% in 2023 to 7.24% in 2024, indicating improved profitability [4]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 15% compared to the market in the next six months [13]. Core Insights - The company reported a revenue of 1.108 billion yuan in Q1 2024, representing a year-over-year increase of 7.05%. The net profit attributable to shareholders reached 121 million yuan, up 39.37% year-over-year, with a non-recurring net profit of 104 million yuan, reflecting a 45.79% increase [3][4]. - Both gross margin and net margin improved, with the gross margin at 42.13% (up 1.34 percentage points) and net margin at 11.37% (up 2.50 percentage points). The sales expense ratio slightly increased [4]. - The average price per ton of beer rose to 4,200.15 yuan, a 6.24% increase year-over-year, while beer sales volume grew by 0.77% to 263,800 tons, with high-end beer product sales increasing by 15.05% [4]. Financial Forecast - The company is expected to maintain steady growth, with projected net profits for 2024-2026 at 715 million, 791 million, and 864 million yuan, respectively, indicating growth rates of 14.59%, 10.74%, and 9.11% [4][5]. - Earnings per share (EPS) are forecasted to be 0.32, 0.36, and 0.39 yuan for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (PE) ratios of 25, 23, and 21 [5].

Investment Rating - The report maintains a "Buy" investment rating for the company [5] Core Insights - The company reported a stable revenue growth of 7.05% year-on-year in Q1 2024, achieving a revenue of 1.108 billion yuan and a net profit of 121 million yuan, which represents a significant increase of 39.37% year-on-year [3] - The company’s beer sales reached 263,800 tons in Q1 2024, a slight increase of 0.77% year-on-year, with high-end product sales growing by 15.05% [3] - The average price per ton of beer increased to 4,201 yuan, reflecting a year-on-year growth of 6.23% [3] Revenue and Profitability - The gross margin improved to 42.13%, up by 1.35 percentage points year-on-year, driven by product mix upgrades and a decrease in raw material costs [4] - The net profit margin for Q1 2024 was 11.37%, an increase of 2.50 percentage points year-on-year, aided by a reduction in inventory impairment provisions and a lower tax rate [4] Earnings Forecast - The company is expected to continue benefiting from its strong product offerings and brand influence in key markets, with projected EPS of 0.34, 0.40, and 0.47 yuan for 2024, 2025, and 2026 respectively, corresponding to PE ratios of 24, 20, and 17 times [5]

珠江啤酒（002461.SZ）2024年一季报点评 24Q1 开门红，吨价表现亮眼 2024年04月25日 ➢ 事件：2024 年 4 月 24 日，公司发布 2024 年一季报，24Q1 公司总营收 推荐 维持评级 为 11.08 亿元，同比+7.05%；归母净利润达 1.21 亿元，同比+39.37%，归母 当前价格： 8.15元 净利率 10.91%，同比+2.53pct；扣非归母净利润达 1.04 亿元，同比 +45.79%，扣非归母净利率9.41%，同比+2.50pct。。 [Table_Author] ➢ 24Q1 顺利实现开门红，吨价增速表现亮眼。24Q1 公司营业收入同比增 7.05%，量价拆分来看，公司销量同比微增 0.77%至 26.38 万吨，其中高档啤 酒产品销量同比+15.05%，显著快于总量增速，预计主要系公司主销区华南地 区结构升级韧性较好，同时公司坚持积极加大餐饮渠道布局，纯生等高端产品 快速放量。产品结构改善驱动公司24Q1吨酒营收同比高增6.24%至4201元， 表现亮眼。 分析师 王言海 ➢ 结构改善对冲成本上涨，费用管控良好，盈利能力改善明显。24Q1 公司 执业证书： ...

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 结构升级持续，盈利边际改善 目标价格： 10.20 上次预测： 10.20 公 ——2024年一季报点评 当前价格： 8.15 司 訾猛(分析师) 陈力宇(分析师) 2024.04.24 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） 18,039 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 24Q1 公司销量正增长的同时吨价表现较好，纯生类产品继续放量带动高档产品较快 流通股比例 100% 增长，结构升级以及货折边际改善带动盈利提振。 日均成交量（百万股） 7.7 ...

Financial Performance - The company's revenue for Q1 2024 was CNY 1,108,275,494.33, representing a 7.05% increase compared to CNY 1,035,313,645.94 in the same period last year[3] - Net profit attributable to shareholders for Q1 2024 was CNY 120,950,775.85, a significant increase of 39.37% from CNY 86,785,547.10 year-on-year[3] - The net profit after deducting non-recurring gains and losses was CNY 104,297,992.86, reflecting a 45.79% increase compared to CNY 71,540,562.40 in the previous year[3] - The company's basic earnings per share for Q1 2024 was CNY 0.0546, up 39.29% from CNY 0.0392 in the same quarter last year[3] - Total operating revenue for Q1 2024 reached ¥1,108,275,494.33, an increase of 7.0% compared to ¥1,035,313,645.94 in Q1 2023[14] - Net profit for Q1 2024 was ¥126,021,698.31, representing a 37.0% increase from ¥91,880,004.26 in Q1 2023[15] - The company reported a gross profit margin of approximately 8.9% for Q1 2024, compared to 8.0% in Q1 2023[14] - Basic earnings per share for Q1 2024 were ¥0.0546, compared to ¥0.0392 in Q1 2023, marking a 39.0% increase[16] Assets and Liabilities - Total assets at the end of Q1 2024 were CNY 14,063,035,102.22, a decrease of 3.13% from CNY 14,517,943,555.73 at the end of the previous year[3] - Shareholders' equity attributable to the parent company increased to CNY 10,096,589,861.11, marking a 1.21% rise from CNY 9,975,639,085.26 at the end of the last fiscal year[3] - The company experienced a 32.36% decrease in short-term borrowings compared to the end of the previous year, mainly due to the repayment of bank loans[6] - The company's total liabilities decreased to CNY 8.66 billion from CNY 9.13 billion at the beginning of the period[13] - The total liabilities decreased to ¥3,896,998,460.47 in Q1 2024 from ¥4,477,928,612.29 in Q1 2023, a reduction of 13.0%[14] - The company's total equity increased to ¥10,166,036,641.75 in Q1 2024, up from ¥10,040,014,943.44 in Q1 2023, reflecting a growth of 1.3%[14] Cash Flow - The company reported a net cash flow from operating activities of CNY 76,234,037.32, which is a decrease of 4.66% compared to CNY 79,957,237.58 in the same period last year[3] - Cash flow from operating activities was ¥1,192,113,357.82 in Q1 2024, up from ¥1,120,673,076.32 in Q1 2023, indicating a growth of 6.4%[17] - The net cash flow from operating activities for Q1 2024 was ¥76,234,037.32, a decrease of 3.4% compared to ¥79,957,237.58 in Q1 2023[18] - Total cash outflow from operating activities amounted to ¥1,115,879,320.50, up from ¥1,040,715,838.74 in the previous year, indicating a year-over-year increase of 7.2%[18] - Cash inflow from investment activities was ¥1,274,968,064.62, down 44.3% from ¥2,289,695,762.89 in Q1 2023[18] - The net cash flow from investment activities was ¥172,273,617.23, a decrease of 58.0% compared to ¥410,058,953.58 in the same period last year[18] - Cash inflow from financing activities was ¥1,158,474,166.67, significantly higher than ¥300,000,000.00 in Q1 2023[18] - The net cash flow from financing activities was -¥525,876,829.39, contrasting with a positive net flow of ¥295,220,608.45 in the previous year[18] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 38,132, with the largest shareholder holding 54.15% of the shares[7] Sales Performance - In Q1 2024, the company achieved beer sales of 263,800 tons, representing a year-on-year growth of 0.77%, with premium beer products seeing a significant increase of 15.05%[11] Other Information - The company's cash and cash equivalents at the end of Q1 2024 were CNY 6.70 billion, down from CNY 7.09 billion at the beginning of the period[12] - The company has not yet adopted the new accounting standards as of the first quarter of 2024[19] - The first quarter report has not been audited[19]

上海中联（广州）律师事务所 关于广州珠江啤酒股份有限公司 2023 年度股东大会的 法律意见 广州市天河区天河路 383 号太古汇写字楼一座 23 楼 电话: 020-81888869 传真:020-85200809 邮编: 510620 关于广州珠江啤酒股份有限公司 上海中联（广州）律师事务所 2023 年度股东大会的法律意见 上海中联（广州）律师事务所 关于广州珠江啤酒股份有限公司 2023 年度股东大会的 法律意见 2024GZ 意见 0098 号 致：广州珠江啤酒股份有限公司 上海中联（广州）律师事务所（以下简称"本所"）接受广州珠江啤酒股份 有限公司（以下简称"公司"）委托，指派律师列席公司 2023 年度股东大会（以 下简称"本次股东大会"），对本次股东大会的召开进行见证。 本所根据《中华人民共和国公司法》（以下简称"《公司法》"）、中国证 券监督管理委员会《上市公司股东大会规则》（以下简称"《股东大会规则》"）、 《律师事务所从事证券法律业务管理办法》等中国现行法律、部门规章以及《广 州珠江啤酒股份有限公司章程》（以下简称"《公司章程》"）和《广州珠江啤 酒股份有限公司股东大会议事规则》的有关规 ...