Zhujiang Brewery(SZ:002461)2024-04-26 09:30Investment Rating - The report maintains an "Accumulate" rating for the company [1][4] Core Views - The company reported a revenue of RMB 1.11 billion in Q1 2024, representing a year-on-year increase of 7.0%. The net profit attributable to shareholders was RMB 120 million, up 39.4% year-on-year [4] - The company is expected to continue benefiting from a dual increase in volume and price in its beer business, with a focus on the synergy between beer sales and cultural industry development [4] - The estimated EPS for 2024-2026 is projected to be RMB 0.33, RMB 0.37, and RMB 0.42, respectively, with corresponding PE ratios of 25.4, 22.3, and 19.8 [4][5] Summary by Sections Financial Performance - In Q1 2024, the company achieved a sales volume of 264,000 kiloliters, with a price per ton of RMB 4,201, reflecting a year-on-year increase of 0.8% in volume and 6.2% in price [4] - The gross profit margin increased by 1.3 percentage points to 42.1%, despite a 3.8% rise in cost per ton to RMB 2,431 [4] - The net profit margin rose by 2.5 percentage points to 10.9% due to reduced asset impairment losses [4] Future Outlook - The company is expected to maintain a strong growth trajectory in its beer business, driven by marketing reforms and a focus on high-end products, which saw a 15.1% increase in sales [4] - The cancellation of anti-dumping duties on Australian barley is anticipated to alleviate raw material cost pressures in 2024 [4] Valuation Metrics - The projected revenue for 2024 is RMB 5.79 billion, with a growth rate of 7.7% [5] - The estimated net profit for 2024 is RMB 724 million, reflecting a growth rate of 16.2% [5] - The company’s dividend per share is expected to remain at RMB 0.1 for 2024, with a dividend yield of 1.7% [5]