珠江啤酒（002461）：利润稳增长，成本改善较好

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company reported a revenue of 5.073 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 3.81%. The net profit attributable to the parent company reached 944 million yuan, up 17.05% year-on-year [1][3] - The report highlights that despite a slight revenue pressure in Q3 due to adverse weather conditions in Guangdong, the company has maintained a good growth trend in its product offerings, particularly the 97 Pure Draft beer [3] - Cost improvements have led to a gross margin increase, with the gross margin rising by 1.16 percentage points to 50.93% in Q3 2025 [3] - The company is optimistic about its long-term growth potential, particularly in the regional market, and is actively developing new product categories [3] Financial Performance Summary - For 2023A, the total revenue is projected at 5.378 billion yuan, with a year-on-year growth rate of 9.1%. The net profit attributable to the parent company is expected to be 624 million yuan, with a growth rate of 4.2% [2] - The gross margin is expected to improve from 42.8% in 2023A to 51.6% by 2027E, indicating a positive trend in profitability [2] - The earnings per share (EPS) for 2025E is projected to be 0.43 yuan, with a corresponding price-to-earnings (P/E) ratio of 22.56 [2][4]