Core Viewpoint - The company reported a decline in revenue and net profit for 2024, with a slight recovery in Q1 2025, indicating a stabilization in the pre-mixed cocktail business and the introduction of new whiskey brands [1][4]. Financial Performance - In 2024, the company achieved revenue of 3.048 billion yuan, down 6.6% year-on-year, and a net profit of 719 million yuan, down 11.2% year-on-year [1]. - For Q4 2024, revenue was 662 million yuan, down 18.0% year-on-year, while net profit was 145 million yuan, up 0.5% year-on-year [1]. - In Q1 2025, revenue was 737 million yuan, down 8.1% year-on-year, and net profit was 181 million yuan, up 7.0% year-on-year [1]. Business Segment Performance - Pre-mixed cocktails saw a 7.2% decline in overall sales for 2024, with volume down 8.8% and price per ton up 1.8% [2]. - The whiskey segment is being positioned for growth, with new products launched in March 2025 and positive feedback on initial offerings [2][4]. Profitability Metrics - The overall gross margin for 2024 was 69.67%, an increase of 3.0 percentage points year-on-year [3]. - In Q1 2025, the gross margin was 69.66%, up 1.3 percentage points year-on-year, indicating stable profitability [3]. - The net profit margin for 2024 was 23.59%, down 1.2 percentage points year-on-year, while for Q1 2025, it was 24.61%, up 3.5 percentage points year-on-year [3]. Strategic Outlook - The company is focusing on enhancing its pre-mixed product matrix and the sales rhythm of new whiskey brands, with expectations for continued growth in 2025 [4]. - The company plans to introduce various types of single malt whiskey, aiming to establish a high-quality image for its brand [4]. Revenue and Profit Forecast - The company is projected to achieve revenues of 3.391 billion yuan and 3.953 billion yuan in 2025 and 2026, respectively, representing year-on-year growth of 11.2% and 16.6% [4]. - Expected net profits for 2025 and 2026 are 810 million yuan and 1 billion yuan, respectively, with year-on-year growth of 12.6% and 23.6% [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3] Core Views - The company is expected to continue developing its pre-mixed liquor business with a focus on the 358 product matrix, aiming for positive growth in the upcoming year. The whisky business is anticipated to gain momentum with new product launches and successful channel expansion [3] - Revenue forecasts for 2025 and 2026 have been adjusted to 35 billion and 40 billion RMB respectively, with a year-on-year growth of 15% and 14%. The net profit for 2025 is projected at 8.1 billion RMB, reflecting a 12% increase [3] Financial Performance Summary - For 2024, total revenue is expected to be 30.48 billion RMB, a decrease of 6.61% year-on-year, while net profit is projected at 7.19 billion RMB, down 11.15% year-on-year [8][3] - The first quarter of 2025 shows a revenue of 7.37 billion RMB, a decline of 8.11% year-on-year, but net profit increased by 7.03% to 1.81 billion RMB [8][3] - The gross margin improved by 2.97 percentage points to 69.7% in 2024, while the net profit margin decreased by 1.21 percentage points to 23.6% [8][3] Revenue and Profit Forecasts - The company aims for total revenue of 34 billion RMB in 2025 and 40 billion RMB in 2026, with corresponding net profits of 8.1 billion RMB and 9.7 billion RMB [3] - The projected earnings per share (EPS) for 2025 is 0.77 RMB, with a price-to-earnings (P/E) ratio of 34.24 [1][3] Market Data - The closing price of the stock is 26.33 RMB, with a market capitalization of approximately 27.63 billion RMB [6] - The company has a price-to-book (P/B) ratio of 5.89 and a total asset-liability ratio of 41.18% [7][6]

Investment Rating - The investment rating for the company is "Outperform" (maintained) [2] Core Insights - The company's performance in Q1 2025 met expectations, with a focus on the future sales performance of its whiskey products [7] - The pre-mixed beverage business is under pressure, while the whiskey business is in its early stages and requires monitoring for future sales [7] - The company has a strong brand advantage in the pre-mixed beverage industry and has made significant progress in its product matrix since 2022 [7] Financial Data and Earnings Forecast - Total revenue for 2024 was 3,048 million, a decrease of 6.6% year-on-year, while net profit attributable to the parent company was 719 million, down 11.2% [6][7] - For Q1 2025, total revenue was 737 million, a decline of 8.1% year-on-year, but net profit attributable to the parent company increased by 7.0% to 181 million [7] - The company forecasts net profits of 809 million, 910 million, and 1,022 million for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 12.6%, 12.4%, and 12.3% [7][6] - The gross profit margin for 2024 was 69.67%, an increase of 2.97 percentage points year-on-year, primarily due to a decrease in raw material prices [7] Business Performance - The pre-mixed beverage and flavoring business generated revenues of 2,677 million and 337 million respectively in 2024, with year-on-year changes of -7.17% and +6.3% [7] - The whiskey business began contributing revenue in Q1 2025, with the launch of "Bailide" blended whiskey [7] - The company is optimistic about the future growth of its whiskey business, contingent on successful sales operations and positive dealer order intentions [7]

随着年轻消费者对方便、时尚和个性化的需求增加，预调酒市场得到了快速发展。2022年我国预调酒行业规模约71.56亿元，恢复至2015年历史高峰水平以 上，主要消费城市分布在华东、华南等沿海经济发达地区，主要消费群体为90、95后新一代消费者，其中女性消费者的快速增长，巩固了我国预调酒行业增 长的态势。 在预调酒人均消费金额方面，发达国家如日本、美国等，由于消费者对预调酒产品的接受度较高，且市场竞争较为充分，因此人均消费金额相对较高。2022 年中国预调酒年人均消费量仅为0.2升，消费额仅8元，对比日本、澳大利亚等成熟市场仍有较大扩容空间。 本文节选自华经产业研究院发布的《2023年中国预调酒行业现状及发展趋势分析，将更加注重产品品质、口感和消费者的个性化需求「图」》，如需获取全 文内容，可进入华经情报网搜索查看。 从预调酒行业竞争格局来看，百润股份作为龙头市占率已近90%，品牌RIO市占率也超60%，产品完备品牌认知度强。百润拥有充足壁垒，短期内龙头地位 不会轻易动摇，可充分享受行业扩容红利延续高增趋势。2022年中国预调酒行业的竞争格局仍然较为集中，但市场规模在不断扩大，各品牌也在不断探索和 创新，竞争将日 ...

Fixed Income - The forecast for February 2025 predicts new loans of 1 trillion yuan and social financing of 2.5 trillion yuan, with M2 reaching 320.6 trillion yuan and a year-on-year growth of 7.0% [2][10] - The social financing growth rate is expected to be 8.3%, with a potential recovery in the growth rate later in the year [11][12] - The report anticipates a stable economic outlook for 2025, with a possible small rebound in 2026, and predicts the 10Y/30Y government bond yields to peak at 1.9%/2.2% in 2025 [13] Pharmaceutical Industry - Kelun Pharmaceutical (002422.SZ) - Kelun Pharmaceutical is recognized as a successful representative of the transition from generic to innovative drugs, with a cumulative R&D investment of nearly 11.9 billion yuan from 2014 to 2023 [14][15] - The company has entered the global market for innovative drugs, with significant potential for future growth, particularly through its ADC research platform and partnerships with major pharmaceutical companies [16] - The antibiotic intermediate sector is expected to maintain a stable supply-demand balance, while the intravenous infusion market is projected to grow steadily due to aging demographics [17][18] Public Utilities - China Resources Gas (01193.HK) - China Resources Gas is positioned as a leading city gas provider, focusing on projects in first- and second-tier cities, benefiting from its strategic location [21][22] - The company has reduced its reliance on connection services, with growth in comprehensive services and energy solutions supporting its profitability [23] - The report highlights a significant increase in operating cash flow and a low debt ratio, indicating strong financial health and potential for dividend growth [24][25] New Energy - Mingyang Technology (837663.BJ) - Mingyang Technology is identified as a national-level specialized manufacturer in automotive seat components, with an expected net profit growth of 18.66% in 2024 [27][28] - The company is benefiting from the trend of electrification and intelligence in the automotive industry, with a projected increase in the value of seat components [29] - The report emphasizes the potential for growth in the assembly business, which is expected to become a significant revenue driver [30][31] New Consumption - Semir Apparel (002563.SZ) - Semir Apparel focuses on casual and children's clothing, with its brands ranking among the top in their respective markets [34][35] - The company is enhancing operational efficiency and product appeal through strategic partnerships and brand collaborations, leading to improved profit margins [35] - The report forecasts steady growth in net profit from 2024 to 2026, supported by a strong market position and multi-brand strategy [36] New Consumption - Bairun Co., Ltd. (002568.SZ) - Bairun Co., Ltd. is a leading player in the ready-to-drink (RTD) beverage market, with a market share exceeding 73% in 2023 [38][39] - The growth of the RTD market is driven by expanding consumer demographics and innovative product offerings [40] - The company is expected to maintain its market leadership and continue to grow its net profit from 2024 to 2026 [41]