Investment Rating - The report maintains a "Buy" rating for China Resources Beverage [6] Core Views - The company reported a stable sales performance with a slight increase in revenue and a significant rise in net profit, indicating effective operational strategies and cost management [1][3] - The beverage segment is experiencing rapid growth, particularly in tea and energy drinks, which are expected to drive future revenue increases [2][3] - The company is committed to high dividend payouts, reflecting its strong cash flow and profitability [3] Summary by Sections Financial Performance - In 2024, the company achieved revenue of 13.521 billion, a year-on-year increase of 0.05%, and a net profit of 1.637 billion, up 23.12% [1] - The gross margin improved to 47.3%, an increase of 2.7 percentage points year-on-year, driven by enhanced production capacity and efficiency [3] - The company plans to distribute a total dividend of 1.158 billion, with a payout ratio of 70.8% [3] Packaging Water Business - The packaging water segment generated revenue of 12.124 billion, a decrease of 2.59% year-on-year, but the company outperformed the industry growth rate [1] - The retail sales of the company's packaging water products grew by 4.5%, compared to the industry average of 2.5% [1] Beverage Business - The beverage segment reported revenue of 1.397 billion, a year-on-year increase of 30.80%, contributing 10.3% to total revenue [2] - The tea beverage product line saw a remarkable sales increase of 122% year-on-year, with the chrysanthemum tea series leading in market share [2] Production and Cost Management - The company expanded its production capacity by 21% in 2024, adding 22 new production lines [3] - The sales, management, and R&D expense ratios decreased, contributing to the overall improvement in profitability [3] Future Projections - The company expects net profit to grow by 20.7%, 20.4%, and 21.9% in 2025, 2026, and 2027, respectively, reaching 1.98 billion, 2.38 billion, and 2.90 billion [3]
华润饮料：销售稳健、优化产能，高分红回馈股东-20250327