Zhujiang Brewery(SZ:002461) Tianfeng Securities·2024-07-17 10:00Investment Rating - The report maintains a "Buy" rating for the company, with a target price indicating an expected return of over 20% within the next six months [3][12]. Core Views - The company reported Q2 earnings that exceeded expectations, with a projected net profit attributable to shareholders for H1 2024 ranging from 476 to 531 million yuan, representing a year-on-year increase of 30% to 45% [1]. - The company is focusing on high-quality development and product structure optimization, leading to growth in beer sales and revenue [1]. - Cost reduction and efficiency improvement initiatives are being actively pursued, with a decrease in barley costs and over 70 equipment upgrades planned [1]. - New product launches, including the Pearl River P9 beer, are part of the company's strategy to enhance its product offerings and expand its retail channels [1]. Financial Performance Summary - Revenue for 2024 is projected to be 5,794.84 million yuan, with growth rates of 8%, 7%, and 6% for the years 2024, 2025, and 2026 respectively [2][6]. - The net profit attributable to shareholders is expected to reach 773.95 million yuan in 2024, with growth rates of 24%, 11%, and 11% for the years 2024, 2025, and 2026 respectively [2][6]. - The company's earnings per share (EPS) is forecasted to be 0.35 yuan in 2024, increasing to 0.43 yuan by 2026 [2][6]. Financial Ratios and Valuation - The company is expected to have a price-to-earnings (P/E) ratio of 23.97 in 2024, decreasing to 19.51 by 2026 [2][8]. - The price-to-book (P/B) ratio is projected to decline from 1.78 in 2024 to 1.63 in 2026 [2][8]. - The enterprise value to EBITDA (EV/EBITDA) ratio is expected to decrease from 11.37 in 2024 to 8.37 in 2026 [2][8].