华润啤酒：费用精益，利润率有望持续改善

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The report highlights that the company is focusing on high-end products, with a steady improvement in profit margins due to cost optimization and a favorable product mix [2][3] - The company's revenue for 2024 is projected to be 38.635 billion RMB, with a slight year-on-year decrease of 0.76% [3] - The report anticipates that the company's earnings per share (EPS) will grow from 1.46 RMB in 2024 to 2.20 RMB by 2027, indicating a positive growth trajectory [3] Financial Performance Summary - In 2024, the company achieved a gross margin of 42.64%, an increase of 1.2 percentage points year-on-year, primarily due to improved raw material costs [2] - The net profit attributable to shareholders for 2024 is expected to be 4.739 billion RMB, reflecting a year-on-year decline of 8.03% [3] - The company's operating cash flow for 2024 is projected to increase by 67% to 6.846 billion RMB, providing a solid foundation for future dividend increases [2][3] Revenue and Profit Forecast - The company is expected to see revenue growth in the coming years, with projections of 42.523 billion RMB in 2025 and 44.721 billion RMB in 2026, representing growth rates of 4.82% and 5.17% respectively [3] - The report indicates that the company's EBITDA is expected to grow to 9.537 billion RMB by 2025, with a corresponding EBITDA margin improvement [4] Market Position and Strategy - The company is making strides in high-end product sales, with a notable 35% increase in sales of its flagship product "Zhai Fu" in the white liquor segment [2] - The report emphasizes the company's strategic focus on optimizing production capacity and enhancing operational efficiency, which is expected to contribute positively to profitability [2][3]