Soochow Securities·2025-08-21 07:03Investment Rating - The report maintains a "Buy" rating for China Resources Beer [1] Core Views - The company's profitability is driven by premiumization, cost advantages, and effective management strategies, with a notable increase in gross profit margin [3][4] - The beer segment shows resilience with significant sales growth in premium products, while the liquor segment is undergoing adjustments due to regulatory impacts [4][10] Financial Summary - Total revenue for 2023 is projected at 38,932 million, with a slight increase to 39,155 million in 2025, and further growth expected in subsequent years [1] - Net profit attributable to shareholders is forecasted to rise from 5,153 million in 2023 to 6,017 million in 2025, reflecting a growth rate of 26.97% [1] - The latest diluted EPS is expected to increase from 1.59 in 2023 to 1.85 in 2025, with a corresponding decrease in P/E ratio from 16.38 to 14.02 [1] Sales Performance - In the first half of 2025, the company achieved a revenue of 239.42 billion, a year-on-year increase of 0.8%, with a net profit of 57.89 billion, up 23.0% [10] - The beer revenue for the same period was 231.61 billion, reflecting a 2.6% increase, with sales volume reaching 648.7 thousand tons, a 2.2% rise [10] - Premium products like Heineken and Snow Beer saw sales growth exceeding 20% and 70% respectively, indicating strong market demand [10]