Zhujiang Brewery(002461) 万联证券·2025-03-31 04:45Investment Rating - The investment rating for the company is "Add" [5] Core Views - The company reported a revenue of 5.731 billion yuan for 2024, representing a year-over-year increase of 6.56%, and a net profit attributable to shareholders of 810 million yuan, up 29.95% year-over-year [1][2] - The gross margin and net margin have significantly improved, with the gross margin at 46.30% (up 3.48 percentage points) and net margin at 14.50% (up 2.53 percentage points), primarily due to lower raw material costs and product mix upgrades [2][3] - The company has seen strong performance in high-end products, with revenue from high-end products reaching 3.904 billion yuan, a year-over-year increase of 13.97%, and accounting for 70.84% of total revenue [3][4] Summary by Sections Financial Performance - For 2024, the company achieved a revenue of 5.731 billion yuan and a net profit of 810 million yuan, with a year-over-year growth of 6.56% and 29.95% respectively [1] - The company’s gross profit margin improved to 46.30%, and net profit margin increased to 14.50% [2] Revenue Breakdown - Revenue from different channels for 2024: ordinary channel 5.155 billion yuan (+6.00%), supermarkets 198 million yuan (+46.71%), night venues 88 million yuan (-4.72%), and e-commerce 71 million yuan (+20.51%) [3] - High-end products showed the highest growth, with sales volume of high-end beer increasing by 13.96% year-over-year [3] Product and Market Strategy - The company is expanding its product matrix and enhancing product strength by integrating elements of sports, music, and food, and hosting events like the Pearl River Beer Music Festival [4][10] - The company is actively pursuing high-end product development and has introduced new products to align with market trends [10] Future Outlook - The company is expected to maintain steady growth, with projected net profits for 2025-2027 at 896 million yuan, 967 million yuan, and 1.059 billion yuan respectively, reflecting year-over-year growth rates of 10.60%, 7.95%, and 9.46% [10][12]