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 ...

证券代码：002461 证券简称：珠江啤酒 公告编号：2024-015 广州珠江啤酒股份有限公司 2023 年年度股东大会决议公告 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。 特别提示： 1.本次股东大会无增加、变更、否决提案的情形。 2.本次股东大会不涉及变更以往股东大会已通过的决议。 3.本次股东大会以现场表决和网络投票表决相结合的方式召开。 （1）现场会议召开时间：2024 年 4 月 23 日下午 16:00； （2）网络投票时间：通过深圳证券交易所交易系统进行网络投票的时间为2024年 4月23日9:15—9:25,9:30—11:30 和13:00—15:00；通过深圳证券交易所互联网投票 系统投票的时间为2024年4月23日上午9:15 至下午15:00期间的任意时间。 3、现场会议召开地点：广州珠江啤酒股份有限公司办公楼 502 会议室； 4、召集人：公司董事会； 5、现场会议主持人：董事长王志斌先生； 6、本次股东大会的召集、召开与表决程序符合《公司法》、《深圳证券交易所股 票上市规则》等法律、行政法规、部门规章、规范性文件和公司章程。 （二） ...

%% research.95579.com %% 丨证券研究报告丨 公司研究丨点评报告丨珠江啤酒（ ） 002461.SZ [珠Ta江b啤le_酒Ti2tl0e2] 3 年度年报点评：产品升级延续， 成本改善将启 报告要点 [珠Ta江bl啤e_酒Su2m0m23ar年y]实现营业总收入53.78亿元（+9.13%），归母净利润6.24亿元（+4.22%）， 扣非净利润5.57亿元（+4.63%）。单看2023Q4，公司实现营业总收入8.27亿元（+1.16%）， 归母净利润-1993.37万元，扣非净利润-4678.14万元。 ...

广州珠江啤酒股份有限公司关于变更保荐代表人的公告 本公司及其董事、监事、高级管理人员保证公告内容真实、准确和完整，公告不存在虚 假记载、误导性陈述或者重大遗漏。 证券代码：002461 证券简称：珠江啤酒 公告编号：2024-014 附：李想先生简历 李想先生，保荐代表人，现任中信证券投资银行委员会总监，曾任中信证券股份有限公 司高级经理、副总裁、高级副总裁，曾负责或参与了菜百黄金 A 股 IPO、伊利股份 2021 年 非公开发行、珠江啤酒 2017 年非公开发行、隆平高科 2015 年非公开发行、2015 年苏宁云 商非公开发行、中国软件非公开发行、全聚德 2014 年非公开发行等项目。 特此公告。 广州珠江啤酒股份有限公司董事会 2024 年 4 月 8 日 中信证券股份有限公司（以下简称"中信证券"）为广州珠江啤酒股份有限公司（以下 简称"公司"）2017 年非公开发行股票（以下简称"非公开发行"）项目的保荐机构，原 保荐代表人为唐亮、计玲玲。 近日，公司收到中信证券出具的《关于更换保荐代表人的函》，因工作安排调整，计玲 玲不再担任持续督导保荐代表人，为保证持续督导工作的有序进行，中信证券现委派李想接 ...

[Table_StockInfo] 买入 2024年 03月 29日 （维持） 证券研究报告•2023年年报点评 当前价： 7.81元 珠江啤酒（002461） 食品饮料 目标价： ——元（6个月） 高端化升级延续，全年实现量价齐升 投资要点 西南证券研究发展中心 [T ab事le件_S：u公mm司a发ry布] 2023年年报，全年实现收入 53.8亿元，同比+9.1%，实现归 [分Ta析bl师e_：Au朱th会or振] 母净利润6.2亿元，同比+4.2%，实现扣非归母净利润5.6亿元，同比+4.6%； 其中 23Q4实现收入 8.3亿元，同比+1.2%，归母净利润为-0.2亿元，去年同期 执业证号：S1250513110001 电话：023-63786049 为 0.3亿元，公司业绩符合此前业绩快报；同时，公司拟向全体股东每10股派 邮箱：zhz@swsc.com.cn 发现金红利1.25元（含税）。 分析师：舒尚立  高端化升级延续，全年实现量价齐升。量方面，23年公司实现销量140.3万吨， 同比增长4.8%；其中 23Q4实现销量25.3万吨，同比+4%；23年全国啤酒产 执业证号：S125052 ...

Investment Rating - The report maintains an "Outperform" rating for Guangzhou Zhujiang Brewery, expecting its total return to exceed the relevant market benchmark over the next 12-18 months [10][12][13]. Core Insights - The company reported a revenue of 5.38 billion yuan for 2023, reflecting a year-on-year increase of 9.1%. However, the net profit attributable to the parent company was 620 million yuan, up only 4.2% year-on-year. The fourth quarter of 2023 saw a revenue of 830 million yuan, a slight increase of 1.2% year-on-year, but the net profit attributable to the parent company was negative at -20 million yuan [12][13]. - The estimated revenue for 2024 to 2026 is projected to be 5.82 billion yuan, 6.29 billion yuan, and 6.74 billion yuan, respectively. The net profit attributable to the parent company is expected to be 730 million yuan, 770 million yuan, and 870 million yuan for the same years. The corresponding EPS is forecasted at 0.33 yuan, 0.35 yuan, and 0.39 yuan [12][13]. Financial Summary - The company’s financial indicators for 2023 include: - Revenue: 5,378 million yuan - Net profit: 620 million yuan - EPS: 0.28 yuan - Gross margin: 42.8% - Net profit margin: 11.6% [11][12]. - The projected financial indicators for 2024 include: - Revenue: 5,823 million yuan - Net profit: 730 million yuan - EPS: 0.33 yuan - Gross margin: 43.8% - Net profit margin: 12.5% [11][12]. Valuation Metrics - The average valuation of comparable companies in 2024 is estimated at a P/E ratio of 23x. Given the recent downward trend in the beer sector, the company is assigned a P/E of 27x for 2024, leading to a target price of 9 yuan [12][13].

Investment Rating - The report maintains a "Recommended" rating for the company [3]. Core Views - The company achieved a total revenue of 5.378 billion yuan in 2023, representing a year-on-year increase of 9.13%. The net profit attributable to shareholders was 624 million yuan, up 4.22% year-on-year [2][3]. - The company's sales volume reached 1.4028 million kiloliters, an increase of 4.79% year-on-year, outperforming the industry average [2]. - The product structure continues to improve, with high-end products seeing a revenue increase of 15.12% year-on-year, contributing to a stable increase in average price per ton [2]. - The company is expected to benefit from improved barley procurement prices in 2024, enhancing profitability [2]. Summary by Sections Financial Performance - In 2023, the company reported total revenue of 5.378 billion yuan and a net profit of 624 million yuan. The fourth quarter saw revenue of 827 million yuan, a slight increase of 1.16% year-on-year, but a net loss of 20 million yuan [2][3]. - The gross profit margin for 2023 was 42.82%, an increase of 0.38 percentage points year-on-year, driven by improved pricing [2][7]. Sales and Market Dynamics - The company’s sales channels showed positive growth, with revenue from supermarkets increasing by 38.51% and from e-commerce by 17.74% [2]. - The core market in South China saw a revenue increase of 10.5%, while other regions experienced a decline of 12.2% [2]. Future Projections - Revenue projections for 2024, 2025, and 2026 are 5.819 billion yuan, 6.244 billion yuan, and 6.643 billion yuan, respectively, with expected growth rates of 8.2%, 7.3%, and 6.4% [3][7]. - The net profit attributable to shareholders is projected to reach 741 million yuan in 2024, reflecting a growth rate of 18.8% [3][7].

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].