Core Viewpoint - The report from Xingzheng International indicates that China Resources Beverage (02460) has declared a final dividend of CNY 0.307 per ordinary share and a special dividend of CNY 0.176 per ordinary share, with projected revenues and net profits for 2025-2027 showing steady growth, leading to an "Overweight" rating for the company [1] Group 1: Financial Performance - The company's revenue for 2024 is expected to increase by 0.05% year-on-year to CNY 135.21 billion, with gross profit rising by 6% to CNY 63.96 billion, resulting in a gross margin increase of 2.6 percentage points to 47.3% [2] - Projected revenues for 2025, 2026, and 2027 are CNY 146.72 billion, CNY 157.91 billion, and CNY 168.35 billion respectively, with net profits expected to be CNY 19.43 billion, CNY 21.84 billion, and CNY 24.55 billion [1] Group 2: Business Segments - The packaging drinking water business is steadily developing, accounting for 89.7% of total revenue in 2024, with a growth rate of over 8% for large-sized bottled water products [3] - The beverage business is experiencing rapid growth, with revenue increasing by 31% year-on-year to CNY 1.40 billion, representing 10.3% of total revenue [3] Group 3: Production Capacity and Cost Management - The company is expanding its self-built production capacity, adding 4 new factories and 22 production lines, resulting in a 21% increase in overall capacity [4] - The company has optimized its packaging material structure, significantly improving the self-sufficiency rate of bottle preforms and signing PET procurement framework agreements to reduce material costs [4] Group 4: Sales and Marketing Strategy - The company is enhancing its terminal channel advantages by increasing the number of retail outlets by 15% and achieving over 20% growth in commercial refrigeration display cabinets [5] - The company is focusing on product and brand expansion, successfully launching new products and achieving a 122% year-on-year increase in sales for the "Zhiben Qingrun" brand [5] Group 5: Brand Development and Collaboration - The company is establishing long-term collaborations with top domestic sports IPs to enhance brand influence, with the core brand "Yibao" achieving a first mention rate of 21% and a total recognition rate of 88% in the packaging water industry [6]
兴证国际：华润饮料(02460)产能结构优化 毛利率有望持续提升 首予“增持”评级