Zhujiang Brewery(SZ:002461) Wanlian Securities·2024-04-25 13:02Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 15% compared to the market in the next six months [13]. Core Insights - The company reported a revenue of 1.108 billion yuan in Q1 2024, representing a year-over-year increase of 7.05%. The net profit attributable to shareholders reached 121 million yuan, up 39.37% year-over-year, with a non-recurring net profit of 104 million yuan, reflecting a 45.79% increase [3][4]. - Both gross margin and net margin improved, with the gross margin at 42.13% (up 1.34 percentage points) and net margin at 11.37% (up 2.50 percentage points). The sales expense ratio slightly increased [4]. - The average price per ton of beer rose to 4,200.15 yuan, a 6.24% increase year-over-year, while beer sales volume grew by 0.77% to 263,800 tons, with high-end beer product sales increasing by 15.05% [4]. Financial Forecast - The company is expected to maintain steady growth, with projected net profits for 2024-2026 at 715 million, 791 million, and 864 million yuan, respectively, indicating growth rates of 14.59%, 10.74%, and 9.11% [4][5]. - Earnings per share (EPS) are forecasted to be 0.32, 0.36, and 0.39 yuan for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (PE) ratios of 25, 23, and 21 [5].