Core Viewpoint - Guotou Securities reports that China Resources Beverage (02460) is a leading player in the bottled water industry, with its Yibao brand maintaining a strong market position. The demand for packaged water is expected to remain stable in the long term, supported by the company's dual strategy in packaged water and beverage segments, indicating strong long-term competitiveness [1]. Industry Summary - The bottled water industry is experiencing steady expansion due to rising health awareness among consumers. The market size for bottled water in China is projected to reach 245 billion CNY in 2024, with a compound annual growth rate (CAGR) of approximately 5.7% from 2016 to 2024. By 2025, the market size is expected to grow to 251.7 billion CNY, reflecting a year-on-year increase of 2.75%. As a leading player, the company is well-positioned to benefit from this industry growth [2]. Company Performance Summary - In the first half of 2025, the company reported revenue of 6.206 billion CNY, a decrease of 18.52% year-on-year, and a net profit attributable to shareholders of 805 million CNY, down 28.63% year-on-year. The revenue breakdown shows that packaged water and beverages generated 5.25 billion CNY and 960 million CNY, respectively, with packaged water declining by 23.1% and beverages growing by 21.28%. The company launched 14 new product SKUs in the beverage segment, contributing to a revenue share increase to 15.4% [3]. - The company plans to open two new factories in the second half of the year, with the self-built factory in Zhejiang expected to commence production in Q4, which is anticipated to enhance production efficiency. Revenue growth projections for 2025 to 2027 are -11.97%, 6.61%, and 8.64%, while net profit growth rates are projected at -7.10%, 9.32%, and 5.49% respectively. The average valuation for comparable companies in 2025 is estimated at 21.49X [3].
国投证券：首次覆盖华润饮料(02460)予“买入-A”评级 怡宝作为头部品牌行业地位稳固