Zhujiang Brewery(002461) 太平洋·2024-11-14 10:34Investment Rating - The report assigns a "Buy" rating for the company, expecting a relative increase of over 15% compared to the CSI 300 index in the next six months [103]. Core Insights - The company, Zhujiang Beer, is a leading player in the Guangdong beer market with over 30% market share and ranks sixth nationally. The company has shown strong performance in 2024, with revenue of 4.887 billion yuan, up 7.4% year-on-year, and a net profit of 807 million yuan, up 25.3% year-on-year [1][13]. - The beer industry in Guangdong is experiencing a shift towards premium products, with high-end beer consumption increasing significantly. The company has effectively positioned its products in the mainstream price ranges of Guangdong, with a clear upgrade path [1][38]. - The introduction of the 97 Pure Beer has been a key driver for the company's growth, with a compound annual growth rate (CAGR) of 81% in sales from 2019 to 2023, significantly enhancing the company's product structure [1][52]. Summary by Sections Company Overview - Zhujiang Beer was established in 1985 and listed in 2010. It is recognized for producing China's first pure draft beer and has a market share of approximately 30-34% in Guangdong [3][4]. Market Position and Performance - The company has achieved a revenue CAGR of 8.9% and a net profit CAGR of 1.1% from 2021 to 2023. In 2023, the company generated 5.378 billion yuan in revenue and 624 million yuan in net profit [12][14]. - The high-end product segment has seen a CAGR of 14.6% from 2019 to 2023, with high-end products accounting for 67% of the beer business sales in 2023 [8][9]. Product Strategy - The company has implemented a "3+N" brand strategy, focusing on high-end products like 97 Pure Beer, which has become a significant growth driver. The product's quality and effective marketing strategies have contributed to its success [1][54]. - The company has a clear product layout in Guangdong's mainstream price ranges, with a focus on high-end products that meet consumer demand for quality [1][38]. Financial Forecast - The report forecasts revenue growth of 8% for 2024, with net profit growth of 33% in the same year. The expected earnings per share (EPS) for 2024 is 0.37 yuan, with a corresponding price-to-earnings (PE) ratio of 24x [1][98].