HTSC·2025-04-29 06:40Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Views - The company is expected to achieve better-than-industry performance in 2025 due to low base effects and strengthened internal momentum, with projected EPS of 3.55, 3.86, and 4.19 RMB for 2025-2027 [4][6]. - The first quarter of 2025 showed revenue and net profit growth driven by sales recovery and cost improvements, with revenue at 10.45 billion RMB and net profit at 1.71 billion RMB, reflecting year-on-year increases of 2.9% and 7.1% respectively [1][3]. Summary by Sections Sales Performance - In Q1 2025, the company sold 2.261 million tons of beer, a year-on-year increase of 3.5%, supported by the recovery in the restaurant sector and inventory reduction [2][3]. - The average revenue per ton of beer decreased slightly by 0.6% year-on-year, while sales of mid-to-high-end products increased by 5.3% [2][3]. Profitability - The gross margin for Q1 2025 was 41.6%, up 1.2 percentage points year-on-year, driven by a decrease in raw material costs [3]. - The net profit margin increased by 0.6 percentage points year-on-year to 16.4%, supported by improved operational efficiency and cost reductions [3]. Future Outlook - The company is expected to continue its growth trajectory in 2025, with anticipated revenue and profit growth driven by seasonal demand and ongoing cost advantages [4][6]. - The target price for the A-share is set at 92.30 RMB, and for the H-share at 71.78 HKD, based on a PE ratio of 26x for 2025 [4][7].