珠江啤酒：大单品放量助力结构升级，利润端弹性凸显

Investment Rating - The report assigns a rating of "Buy" for the company, with a target price of 9.20 CNY, compared to the last closing price of 8.48 CNY [1]. Core Insights - The company reported a revenue of 2.986 billion CNY for H1 2024, representing a year-on-year increase of 7.69%. The net profit attributable to shareholders was 500 million CNY, up 36.52% year-on-year [2]. - The second quarter saw revenue of 1.878 billion CNY, with a net profit of 379 million CNY, reflecting a year-on-year growth of 35.63% [2]. - The company's sales volume and price per ton increased by 1.4% and 6.7% respectively, indicating better performance than the industry average [2]. - The high-end product segment accounted for 70.95% of total revenue, showing a year-on-year increase of 5.4 percentage points [2]. - The company is expected to maintain a revenue growth rate of 8% for 2024-2026, with net profit growth rates of 41%, 18%, and 13% respectively [2]. Financial Summary - For H1 2024, the company achieved a gross margin of 49.03%, an increase of 3.6 percentage points year-on-year, with a net profit margin of 17.10%, up 3.5 percentage points [2]. - The company’s operating costs decreased by 0.8% to 2,179 CNY per ton, primarily due to lower depreciation and labor costs [2]. - The forecast for 2024 indicates a revenue of 5.795 billion CNY, with a net profit of 877 million CNY, reflecting a net profit growth rate of 40.67% [3][4].