CHINA RES BEER(00291) 太平洋证券·2025-03-20 12:07Investment Rating - The report assigns a rating of "Buy" for the company, expecting a relative increase of 5% to 15% compared to the CSI 300 index over the next six months [19]. Core Insights - The company's beer business is steadily progressing towards high-end products, while the white liquor segment is experiencing counter-cyclical growth [1][10]. - For 2024, the company achieved total revenue of 38.635 billion yuan, a year-on-year decrease of 0.8%, and a net profit attributable to shareholders of 4.739 billion yuan, down 8% year-on-year [3][9]. - The company is expected to see revenue growth rates of 6%, 5%, and 4% for 2025, 2026, and 2027 respectively, with net profit growth rates of 9%, 8%, and 8% for the same years [6][9]. Summary by Sections Beer Business - In 2024, the company sold 10.874 million tons of beer at a price of 3,355 yuan per ton, reflecting a year-on-year decrease of 2.5% in volume but an increase of 1.5% in price. High-end beer sales grew over 9% year-on-year, with Heineken close to 20% growth [4][5]. - The company is expanding its distribution channels, including partnerships with instant retail platforms, resulting in over 30% growth in online GMV [4]. White Liquor Business - The white liquor segment generated revenue of 2.149 billion yuan in 2024, a year-on-year increase of 4%, with a gross margin improvement of 5.6 percentage points to 68.5% [5]. - The brand "摘要" saw a sales increase of 35%, contributing over 70% to the white liquor revenue, driven by strong brand building and inventory management [5]. Financial Performance - The overall gross margin for the company improved to 42.6%, up 1.3 percentage points year-on-year. The EBITDA margin was 20.9%, reflecting a 0.7 percentage point increase [6]. - The company plans to distribute a total dividend of 0.76 yuan per share for 2024, with a payout ratio of 52% [6]. Future Projections - Revenue projections for 2025, 2026, and 2027 are 40.904 billion yuan, 42.758 billion yuan, and 44.588 billion yuan respectively, with corresponding net profits of 5.145 billion yuan, 5.574 billion yuan, and 6.031 billion yuan [9][12].