【华润啤酒（0291.HK）】25年有望量价齐升，利润率提升确定性高——2024年年报点评（陈彦彤/汪航宇/聂博雅）

Core Viewpoint - The report highlights the performance of China Resources Beer in 2024, showing a slight decline in revenue and profit, while core EBIT improved due to cost management and product upgrades [3][5]. Group 1: Beer Business Performance - In 2024, the company achieved beer sales volume of 10.874 million kiloliters, a year-on-year decrease of 2.5% [4]. - The average selling price of beer was 3,355 yuan per kiloliter, reflecting a year-on-year increase of 1.5%, driven by product structure upgrades [4]. - High-end and above product sales grew over 9% year-on-year, with notable growth in brands like Heineken and Snow Beer, which saw sales doubling [4][6]. Group 2: White Wine Business Performance - The white wine segment experienced a 4% revenue growth in 2024, with EBITDA increasing by 0.5%, and nearly 8% growth when excluding government subsidies [4][8]. - The sales volume of major white wine products grew by 35%, contributing over 70% to the white wine business revenue [4][8]. - The company is focusing on brand building and market expansion, particularly in key regions like Shandong, Henan, and Guizhou, aiming for double-digit revenue growth in 2025 [8]. Group 3: Financial Metrics and Cost Management - The company's gross margin for 2024 was 42.6%, an increase of 1.3 percentage points year-on-year, with beer gross margin at 41.1% [5]. - Sales expense ratio rose to 21.7%, up 1.0 percentage points due to increased marketing activities, while management expense ratio slightly decreased [5]. - The company plans to increase its dividend payout ratio from 52% to over 60% in the future [5].