Zhujiang Brewery(002461) Changjiang Securities·2024-09-02 08:40Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a significant increase in ton price and a substantial improvement in net profit margin in Q2 2024. The total revenue for H1 2024 was CNY 2.99 billion, representing a year-on-year increase of 7.7%. The net profit attributable to the parent company was CNY 500 million, up 36.5% year-on-year, with a non-recurring net profit of CNY 480 million, an increase of 41.7% year-on-year [6][7]. Summary by Sections Financial Performance - For H1 2024, the company achieved total revenue of CNY 2.99 billion (up 7.7% YoY) and a net profit of CNY 500 million (up 36.5% YoY). In Q2 2024, total revenue was CNY 1.878 billion (up 8.1% YoY) and net profit was CNY 380 million (up 35.6% YoY) [6][7]. Sales and Pricing - The company experienced rapid growth in high-end products, with a ton price increase of 6.2% YoY in H1 2024. The sales volume for H1 2024 was 699,000 tons (up 1.4% YoY), with high-end product sales growing by 14.3% [6][7]. Cost and Profitability - The company benefited from a decrease in raw material prices, leading to a 3.8% reduction in ton cost in Q2 2024. The net profit margin for Q2 2024 improved by 4.1 percentage points to 20.2%, and the gross profit margin increased by 4.9 percentage points to 53.11% [6][7]. Product Strategy - The company is focusing on optimizing its product structure and enhancing product competitiveness. It has introduced new products such as Zhujiang P9 and Zhujiang Beer 1985, expanding its product matrix [6][7]. Earnings Forecast - The expected EPS for 2024, 2025, and 2026 is CNY 0.37, CNY 0.41, and CNY 0.47, respectively, with corresponding PE ratios of 24X, 21X, and 18X [6][7].