Zhujiang Brewery(SZ:002461) Huaxin Securities·2024-07-11 01:00Investment Rating - The report maintains a "Buy" investment rating for the company [5] Core Views - The company is expected to achieve a net profit attributable to shareholders of 4.76-5.31 billion yuan in H1 2024, representing a year-on-year growth of 30%-45% [3] - In Q2 2024, the net profit attributable to shareholders is projected to be 3.55-4.10 billion yuan, with a year-on-year growth of approximately 27%-47% [3] - The company continues to experience structural upgrades, maintaining a high growth trend in profits as seen in Q1 2024 [3] - The company is focused on high-quality development, optimizing product structure, and is expected to see stable sales growth and a mid-single-digit increase in unit price in Q2 2024 [4] - Cost improvements, particularly in barley costs, have led to an increase in gross margin, enhancing profitability [4] Financial Forecasts - The report slightly raises the earnings forecast for the company, projecting EPS for 2024-2026 to be 0.37, 0.43, and 0.50 yuan respectively, with corresponding PE ratios of 20, 17, and 14 times at the current stock price [5] - The company's main revenue is forecasted to grow from 5,378 million yuan in 2023 to 5,883 million yuan in 2024, reflecting a growth rate of 9.4% [9] - The net profit attributable to shareholders is expected to increase from 624 million yuan in 2023 to 814 million yuan in 2024, indicating a growth rate of 30.5% [9] - The diluted EPS is projected to rise from 0.28 yuan in 2023 to 0.37 yuan in 2024 [9] - The company's return on equity (ROE) is expected to improve from 6.2% in 2023 to 7.8% in 2024 [9]