CHINA RES BEER(00291) 东吴证券·2025-03-19 15:09Investment Rating - The report maintains a "Buy" rating for China Resources Beer (00291.HK) [1] Core Views - The company is expected to focus on efficiency improvements and high-end product offerings, with a positive outlook for 2025 [7][8] - The beer business is projected to recover with unit sales growth, driven by high-end products and strategic marketing initiatives [8] Financial Summary - Revenue Forecast: Total revenue for 2023 is projected at 38,932 million, with a slight decline to 38,635 million in 2024, followed by growth to 40,015 million in 2025 [1] - Net Profit: The net profit for 2023 is estimated at 5,153 million, decreasing to 4,739 million in 2024, but expected to rise to 5,276 million in 2025 [1] - Earnings Per Share (EPS): EPS is forecasted to be 1.59 in 2023, dropping to 1.46 in 2024, and recovering to 1.63 in 2025 [1] - Price-to-Earnings Ratio (P/E): The current P/E ratio is 15.99, expected to decrease to 15.62 in 2025 [1] Business Performance - Beer Segment: Revenue from the beer business is expected to be 36,486 million in 2024, with a slight decline in sales volume but an increase in average price per ton [7][8] - Cost Management: The company is focusing on cost optimization, with a projected gross margin increase to 41.06% in 2024 [8] - Wine Segment: The wine business is also undergoing restructuring, with revenue expected to reach 21.49 million in 2024 [8] Future Outlook - The company aims to enhance its high-end product offerings and expand its market presence, with expectations of double-digit growth in key brands [8] - The strategic focus on premiumization and cost efficiency is anticipated to yield better profit margins in the coming years [8]