HTSC·2025-04-29 07:55Investment 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 saw revenue and net profit growth of 2.9% and 7.1% year-on-year, respectively, aligning with expectations [1][2]. Revenue and Profitability - In Q1 2025, the company reported revenue of 10.45 billion RMB and a net profit attributable to the parent company of 1.71 billion RMB, with a gross margin of 41.6%, up 1.2 percentage points year-on-year [1][3]. - The sales volume of beer reached 2.261 million tons in Q1 2025, reflecting a 3.5% year-on-year increase, driven by the recovery in the restaurant sector and inventory destocking [2][3]. Cost and Efficiency - The report highlights significant cost benefits, with a 2.6% decrease in per-ton cost and a 0.3 percentage point reduction in sales expense ratio, contributing to improved profitability [3][4]. - The company is focusing on enhancing operational efficiency, which is expected to continue supporting profit margins [3][4]. Market Outlook - The company is entering a peak season for inventory replenishment, with expectations for accelerated sales growth as northern weather warms and economic activity increases [1][2]. - The report anticipates that the recovery in the restaurant sector will boost sales of mid-to-high-end products, while the company continues to promote the canned format of lower-end products [3][4].