Zhujiang Brewery(002461) 天风证券·2025-02-27 10:44Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5]. Core Views - The company reported a revenue of 5.731 billion yuan for 2024, representing a year-on-year increase of 6.56%, and a net profit attributable to shareholders of 0.813 billion yuan, up 30.32% year-on-year [1][4]. - The increase in high-end beer sales, which grew by 14.81% year-on-year, significantly contributed to the company's improved profitability [1][2]. - The company aims to enhance product quality, sales capabilities, and brand strength while focusing on structural improvement and channel strengthening [2]. Financial Performance Summary - For 2024, the company expects total revenue of 57.3 billion yuan, with net profit projected at 8.1 billion yuan, reflecting a growth rate of 30.32% [3][4]. - The company’s revenue for Q4 was 844 million yuan, a 2.1% increase year-on-year, and it achieved a net profit of 6 million yuan, reversing a loss from the previous year [1]. - The company’s earnings per share (EPS) for 2024 is projected to be 0.37 yuan, with a price-to-earnings (P/E) ratio of 25.74 [4][5]. Future Outlook - The company is expected to achieve a strong start in 2025, driven by product upgrades in line with the high-end beer market trend and decreasing barley prices aiding cost control [3]. - Revenue projections for 2025 and 2026 are set at 61.2 billion yuan and 64.9 billion yuan, respectively, with net profits expected to reach 9.4 billion yuan and 10.7 billion yuan [3][4].