珠江啤酒（002461）：纯生单品持续放量，产品结构持续优化

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company's Q1 2025 total revenue reached 1.227 billion yuan, representing a year-on-year increase of 10.69%. The net profit attributable to the parent company was 157 million yuan, up 29.83% year-on-year, while the net profit excluding non-recurring items was 145 million yuan, reflecting a 39.4% year-on-year growth [2][6] - The pure draft beer series has shown excellent performance, driving overall sales growth. In terms of volume, the sales volume for Q1 2025 was 294,600 tons, an increase of 11.7% year-on-year, with expectations for an increasing share of pure draft products. The average price per ton decreased by 0.9% year-on-year, likely due to disturbances from other business items. The company has strengthened its presence in the Guangdong region and has improved its sales performance compared to the industry [11] - Cost advantages have been released, with the company continuing to achieve high profitability. The ton cost decreased by 5.8% year-on-year due to improved barley prices, and the gross profit margin increased by 2.87 percentage points to 45%. The net profit margin attributable to the parent company improved by 1.89 percentage points to 13% [11] - The company has continuously launched new products such as Zhujiang P9 and Zhujiang 1985, enhancing market promotion and channel innovation to strengthen competitiveness. The pure draft product line is expected to maintain strong growth momentum, with projected EPS for 2025, 2026, and 2027 at 0.44, 0.51, and 0.57 yuan, respectively, corresponding to PE ratios of 24X, 21X, and 19X. The company is expected to benefit from the expansion of the 8-10 yuan price range [11] Financial Summary - For 2025, the projected total revenue is 6.132 billion yuan, with a gross profit of 2.937 billion yuan, leading to a gross profit margin of 48%. The net profit attributable to the parent company is expected to be 968 million yuan, with an EPS of 0.44 yuan [17]