百润股份：预调酒产品结构优化，盈利突出-20250527

Investment Rating - The report maintains a "Cautious Accumulate" rating for the company [6][9][10] Core Views - The company reported a revenue of 3.048 billion yuan in 2024, a year-on-year decrease of 6.61%, and a net profit of 672 million yuan, down 13.65% year-on-year [6][10] - The decline in revenue is primarily attributed to the drop in the sales of pre-mixed alcoholic beverages, which accounted for 87.83% of total sales, while food flavoring revenue showed stable growth [6][7] - The company is diversifying its business by developing a liquor segment, aiming to become a leader in the domestic whiskey market [6][9] Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 737 million yuan, a decrease of 8.11% year-on-year, but net profit increased by 10.39% to 178 million yuan [6][10] - The gross margin for pre-mixed beverages improved to 70.03% in 2024, up 2.42 percentage points year-on-year, despite a decrease in sales volume [6][7] Sales Channels - Offline sales saw a slight decline, while ready-to-drink and digital retail channels experienced significant drops of 43.58% and 30.75% respectively [6][9] - The number of distributors decreased by 4% to 2068 by the end of 2024, impacting sales negatively [6][9] Future Projections - The company forecasts earnings per share of 0.78 yuan, 0.93 yuan, and 1.07 yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 34.65, 29.13, and 25.28 [6][10]