Zhujiang Brewery(SZ:002461) Huaxin Securities·2024-04-25 05:30Investment Rating - The report maintains a "Buy" investment rating for the company [5] Core Insights - The company reported a stable revenue growth of 7.05% year-on-year in Q1 2024, achieving a revenue of 1.108 billion yuan and a net profit of 121 million yuan, which represents a significant increase of 39.37% year-on-year [3] - The company’s beer sales reached 263,800 tons in Q1 2024, a slight increase of 0.77% year-on-year, with high-end product sales growing by 15.05% [3] - The average price per ton of beer increased to 4,201 yuan, reflecting a year-on-year growth of 6.23% [3] Revenue and Profitability - The gross margin improved to 42.13%, up by 1.35 percentage points year-on-year, driven by product mix upgrades and a decrease in raw material costs [4] - The net profit margin for Q1 2024 was 11.37%, an increase of 2.50 percentage points year-on-year, aided by a reduction in inventory impairment provisions and a lower tax rate [4] Earnings Forecast - The company is expected to continue benefiting from its strong product offerings and brand influence in key markets, with projected EPS of 0.34, 0.40, and 0.47 yuan for 2024, 2025, and 2026 respectively, corresponding to PE ratios of 24, 20, and 17 times [5]