珠江啤酒：2024年半年报点评：量价跑赢行业，盈利表现亮眼

Investment Rating - The report maintains a "Recommended" rating for the company [2][6] Core Insights - The company achieved revenue of 2.986 billion yuan, net profit attributable to shareholders of 500 million yuan, and net profit excluding non-recurring items of 476 million yuan for the first half of 2024, representing year-on-year growth of 7.7%, 36.5%, and 41.7% respectively [1] - The company outperformed the industry in both volume and price, with a sales volume of 698,500 tons and an average price of 4,116 yuan per ton, reflecting year-on-year increases of 1.4% and 6.7% respectively [1] - The gross profit margin improved significantly due to a decrease in unit costs and effective expense management, with a net profit margin of 19.8% in Q2 2024, up 4.6 percentage points year-on-year [1] Summary by Sections Financial Performance - For H1 2024, the company reported revenue of 2.986 billion yuan, net profit of 500 million yuan, and net profit excluding non-recurring items of 476 million yuan, with respective year-on-year growth rates of 7.7%, 36.5%, and 41.7% [1] - In Q2 2024, revenue reached 1.878 billion yuan, net profit was 379 million yuan, and net profit excluding non-recurring items was 371 million yuan, with year-on-year growth rates of 8.1%, 35.6%, and 40.6% [1] Market Position - The company maintained a high proportion of non-current consumption, which helped mitigate the impact of a sluggish recovery in the restaurant and nightlife sectors [1] - The company’s main sales area, Guangdong, showed resilience despite adverse weather conditions, with high-end beer sales increasing by 14.3% year-on-year [1] Cost Management - The company experienced a decrease in unit costs, with Q2 2024 costs down 3.8% year-on-year, contributing to a significant improvement in gross profit margin [1] - Effective management of selling, administrative, and research expenses led to a decrease in expense ratios, further enhancing profitability [1] Future Outlook - The company expects continued revenue growth driven by high-end products and a strong market presence in Southern China, with projected revenues of 5.819 billion yuan, 6.244 billion yuan, and 6.643 billion yuan for 2024, 2025, and 2026 respectively [2][6] - The forecasted net profit attributable to shareholders is expected to reach 811 million yuan, 934 million yuan, and 1.057 billion yuan for the same years, indicating strong growth potential [2][6]