Investment Rating - The investment rating for Qingdao Beer is "Buy" with a target price not specified [6][4]. Core Views - The company has shown steady revenue growth with Q1 2025 revenue at 10.446 billion yuan, up 2.91% year-on-year, and net profit at 1.710 billion yuan, up 7.08% year-on-year [1]. - The sales volume in Q1 2025 reached 2.261 million tons, an increase of 3.5% year-on-year, with the main brand's sales volume at 1.375 million tons, up 4.1% [2]. - Cost advantages are continuing, with a gross margin improvement of 1.2 percentage points year-on-year, and a decrease in ton cost by 2.6% [3]. Summary by Sections Financial Performance - Q1 2025 revenue was 10.446 billion yuan, a 2.91% increase year-on-year; net profit was 1.710 billion yuan, a 7.08% increase year-on-year; and non-recurring net profit was 1.603 billion yuan, up 5.95% year-on-year [1]. - Q1 sales volume was 2.261 million tons, a 3.5% increase year-on-year, with a ton revenue decrease of 0.6% to 4,620 yuan [2]. Cost and Profitability - The net profit margin increased by 0.7 percentage points to 16.6%, with a gross margin increase of 1.2 percentage points and a ton cost decrease of 2.6% [3]. - The company expects continued cost benefits from barley and packaging material, along with scale effects enhancing profit elasticity [4]. Future Outlook - The company anticipates continued growth in Q2 and Q3 due to low base effects, with expected revenue growth rates of 4%, 2%, and 2% for 2025-2027 [4]. - Forecasted net profit growth rates are 12%, 8%, and 6% for the same period, with corresponding P/E ratios of 21X, 19X, and 18X [4].

食品饮料/非白酒 百润股份（002568.SZ） 预调酒目标企稳增长，威士忌业务推进顺利 相关研究报告 《预调酒销售持续承压，期待业绩逐 步改善 — 公 司 信 息 更 新 报 告 》 -2024.11.3 《预调酒销售短期承压，下半年新品 值 得 期 待 — 公 司 信 息 更 新 报 告 》 -2024.8.1 《预调酒业务行稳致远，威士忌新品 前 景 可 期 — 公 司 首 次 覆 盖 报 告 》 -2024.7.3 ——公司信息更新报告 | 张宇光（分析师） 逄晓娟（分析师） | | 张恒玮（分析师） | | --- | --- | --- | | zhangyuguang@kysec.cn | pangxiaojuan@kysec.cn | zhanghengwei@kysec.cn | | 证书编号：S0790520030003 | 证书编号：S0790521060002 | 证书编号：S0790524010001 | |  | 业绩表现符合预期，期待威士忌放量增长，维持"增持"评级 | | | 百润股份 2024 | 年营收 30.5 亿元，同比-6.6%，归母净利润 | 7.2 亿元，同比- ...

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [1] Core Views - The company is expected to stabilize its growth in the ready-to-drink cocktail segment while the whisky business is progressing smoothly [1][10] - The revenue for 2024 is projected at 3.05 billion yuan, a year-on-year decrease of 6.6%, with a net profit of 720 million yuan, down 11.2% year-on-year [5][9] - The company anticipates a gradual improvement in performance, particularly in the whisky segment, with new product launches expected to contribute positively to revenue [6][10] Financial Performance Summary - In 2024, the ready-to-drink cocktail revenue was 2.68 billion yuan, down 7.2% year-on-year, primarily due to weakened consumer demand [6] - The company's Q1 2025 revenue was 740 million yuan, a decrease of 8.1% year-on-year, but net profit increased by 7.0% to 180 million yuan [5][9] - The company has slightly adjusted its profit forecasts for 2025-2026, expecting net profits of 830 million yuan, 960 million yuan, and 1.09 billion yuan for 2025, 2026, and 2027 respectively, representing year-on-year growth of 15.3%, 16.1%, and 13.3% [5][9] Margin and Cost Analysis - The gross margin for Q1 2025 increased by 1.34 percentage points to 69.66%, attributed to product mix optimization and reduced costs from the establishment of a liquor production base [8] - The net profit margin improved by 3.68 percentage points to 24.61% in Q1 2025 [8] Sales Channel Performance - Offline channel revenue for 2024 was 2.71 billion yuan, a slight decrease of 1.5%, while online retail revenue fell by 30.8% to 270 million yuan due to adjustments in e-commerce strategies [7] - The company is focusing on expanding its offline presence while adjusting its online strategies to maintain product pricing [7] Future Outlook - The ready-to-drink cocktail segment is expected to show a quarter-on-quarter improvement, with the whisky segment anticipated to contribute significantly to revenue growth in the coming years [6][10] - The company is projected to achieve stable growth in 2025, supported by the successful launch of new whisky products [6][10]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company reported a revenue of 3.05 billion yuan for 2024, a decrease of 6.6% year-on-year, and a net profit of 720 million yuan, down 11.2% year-on-year. The fourth quarter of 2024 saw a revenue of 660 million yuan, down 18.0% year-on-year, with a net profit of 140 million yuan, up 0.5% year-on-year [1] - The pre-mixed liquor segment continues to face pressure due to high base effects and weak demand, while the flavoring business showed stable performance. The sales volume of pre-mixed liquor decreased by 8.8% to 32.38 million boxes in 2024, with an average price increase of 1.8% to 82.7 yuan per box [1][2] - The company expects improved performance in the pre-mixed liquor segment starting from Q2 2025, as the base effect diminishes. The introduction of new whiskey products is anticipated to drive revenue growth [3] Financial Summary - The company's gross margin increased by 3.0 percentage points to 69.7% in 2024, primarily due to channel and product structure optimization. The sales expense ratio rose by 2.9 percentage points to 24.6%, with advertising expenses increasing by 34% [2] - For 2025-2027, the company is projected to achieve net profits of 860 million, 1.00 billion, and 1.12 billion yuan, representing year-on-year growth rates of 20.0%, 16.3%, and 11.7% respectively. The current stock price corresponds to a PE ratio of 32, 28, and 25 times for the respective years [3][5]

Investment Rating - The investment rating for the company is maintained as "Buy" [6] Core Views - The company reported a revenue of 3.05 billion yuan for 2024, a decrease of 6.6% year-on-year, and a net profit attributable to shareholders of 720 million yuan, down 11.2% year-on-year. The revenue for Q4 2024 was 660 million yuan, a decline of 18.0% year-on-year, while the net profit was 140 million yuan, an increase of 0.5% year-on-year. For Q1 2025, revenue was 740 million yuan, down 8.1% year-on-year, and net profit was 180 million yuan, up 7.0% year-on-year [1][2][3] Financial Performance Summary - In 2024, the gross margin increased by 3.0 percentage points to 69.7%, primarily due to channel and product structure optimization. The sales expense ratio rose by 2.9 percentage points to 24.6%, with advertising expenses increasing by 34%. The net profit margin decreased by 1.2 percentage points to 23.5% due to rising expense ratios [2][3] - The company expects the pre-mixed beverage business to face short-term growth pressure due to a high base and weak demand, while the whiskey segment is anticipated to contribute modest revenue [1][3] Revenue and Profit Forecast - The company has slightly adjusted its profit forecasts for 2025-2026 and introduced a forecast for 2027, expecting net profits of 860 million yuan, 1.00 billion yuan, and 1.12 billion yuan for 2025, 2026, and 2027 respectively, representing year-on-year growth of 20.0%, 16.3%, and 11.7% [3][5] Market Position and Strategy - The company is focusing on improving the efficiency of its marketing expenditures and anticipates better profit performance than revenue growth. The launch of new whiskey products is expected to enhance market presence and drive sales [3][5]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [6][18]. Core Views - The company reported a significant increase in non-recurring profit, with Q1 2025 revenue at 1.227 billion yuan, up 10.69% year-on-year, and net profit at 157 million yuan, up 29.83% year-on-year [1]. - Q1 2025 sales volume increased by 11.66% to 294,600 tons, with expectations for the 97 Pure Draft product to continue growing by around 30% [2]. - The gross margin improved significantly, with a 2.9 percentage point increase, and a decrease in cost per ton by 5.8% year-on-year [3]. Financial Performance Summary - Revenue projections for 2025-2027 are 6.212 billion yuan, 6.662 billion yuan, and 7.130 billion yuan, respectively, with growth rates of 8%, 7%, and 7% [3]. - Net profit projections for the same period are 976.8 million yuan, 1.105 billion yuan, and 1.241 billion yuan, with growth rates of 20.55%, 13.12%, and 12.32% [3]. - The company is expected to maintain a price-to-earnings ratio (P/E) of 24X, 21X, and 19X for 2025, 2026, and 2027, respectively [3]. Key Financial Metrics - The company’s total revenue for 2023 is projected at 5.378 billion yuan, with a growth rate of 9.13% [5]. - The EBITDA for 2025 is estimated at 1.370 billion yuan, with a steady increase in subsequent years [5]. - The net profit attributable to the parent company for 2025 is projected at 976.8 million yuan, with an EPS of 0.44 yuan [12].

Group 1: Company Performance - Jin Sanjiang achieved a revenue of 386 million yuan in 2024, a year-on-year increase of 30.96%, with a net profit of 53.38 million yuan, up 52.54% [1] - Zhongqi Co. reported a revenue of 2.422 billion yuan in 2024, a slight increase of 1.35%, but a net profit decline of 93.88% to 11.72 million yuan [1][2] - Xizi Clean Energy's revenue was 6.437 billion yuan, down 20.33%, while net profit surged 705.74% to 440 million yuan [3] - Shensi Electronics reported a revenue of 912 million yuan, up 119.86%, with a net profit of 16.30 million yuan, an increase of 123.51% [4] - Yong'an Forestry faced a revenue drop of 53.39% to 323 million yuan, resulting in a net loss of 85.04 million yuan [6] - Yangjie Technology achieved a revenue of 6.033 billion yuan, up 11.53%, with a net profit of 1.002 billion yuan, an increase of 8.50% [8] - Yayi Technology's revenue was 296 million yuan, up 87.22%, but net profit fell 40.49% to 1.12 million yuan [10] - Xiaosong Co. reported a revenue of 1.529 billion yuan, down 4.70%, with a net loss of 225 million yuan [11] - Wantong Expressway achieved a revenue of 7.092 billion yuan, up 6.94%, with a net profit of 1.669 billion yuan, an increase of 0.55% [13] - Hisense Visual reported a revenue of 58.53 billion yuan, up 9.17%, with a net profit of 2.246 billion yuan, an increase of 7.17% [14] - Heng Rui Medicine achieved a revenue of 27.985 billion yuan, up 22.63%, with a net profit of 6.337 billion yuan, an increase of 47.28% [15] - Qingdao Beer reported a revenue of 32.138 billion yuan, down 5.30%, with a net profit of 4.345 billion yuan, an increase of 1.81% [17] - Aikodi achieved a revenue of 6.746 billion yuan, up 13.24%, with a net profit of 940 million yuan, an increase of 2.86% [18] - Sifang Co. reported a revenue of 6.951 billion yuan, up 20.86%, with a net profit of 716 million yuan, an increase of 14.09% [19] - China Petroleum achieved a revenue of 2.94 trillion yuan, down 2.5%, with a net profit of 164.684 billion yuan, an increase of 2.0% [19] - Xinyaqiang reported a revenue of 721 million yuan, up 6.71%, but a net profit decline of 7.36% to 114 million yuan [20] Group 2: Dividend Proposals - Jin Sanjiang proposed a cash dividend of 1.70 yuan per 10 shares [1] - Zhongqi Co. proposed a cash dividend of 0.50 yuan per 10 shares [1] - Xizi Clean Energy proposed a cash dividend of 2.00 yuan per 10 shares [3] - Shensi Electronics did not specify a dividend proposal [4] - Yong'an Forestry did not specify a dividend proposal [6] - Yangjie Technology proposed a cash dividend of 4.00 yuan per 10 shares [8] - Yayi Technology proposed a cash dividend of 5.00 yuan per 10 shares and a capital reserve increase of 3 shares for every 10 shares [10] - Xiaosong Co. did not specify a dividend proposal [11] - Wantong Expressway proposed a cash dividend of 6.04 yuan per 10 shares [13] - Hisense Visual proposed a cash dividend of 8.80 yuan per 10 shares [14] - Heng Rui Medicine proposed a cash dividend of 2.00 yuan per 10 shares [15] - Qingdao Beer proposed a cash dividend of 2.20 yuan per share [17] - Aikodi proposed a cash dividend of 3.00 yuan per 10 shares [18] - Sifang Co. proposed a cash dividend of 7.20 yuan per 10 shares [19] - China Petroleum proposed a cash dividend of 0.25 yuan per share [19] - Xinyaqiang proposed a cash dividend of 0.40 yuan per share [20]

Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Insights - The company reported a slight decline in revenue for 2024, with total revenue of 38.635 billion, down 0.8% year-on-year, and a net profit of 4.739 billion, down 8.0% year-on-year. The second half of 2024 saw revenue of 14.891 billion, a decrease of 1.1%, and a net profit of 0.34 million, a significant drop of 93.3% [1]. - The beer segment showed strong performance, particularly in high-end products, with revenue of 36.486 billion, down 1.0% year-on-year. The sales volume and price per ton decreased by 2.5% and increased by 1.5%, respectively. High-end product sales grew by over 9%, with Heineken sales increasing nearly 20% [1][2]. - The white liquor segment achieved revenue of 2.149 billion, up 4.0% year-on-year, with a notable 35% increase in sales of high-end products contributing over 70% to the segment's revenue [2]. - The company realized a gross margin of 42.6%, up 1.3 percentage points year-on-year, and an EBITDA of 8.694 billion, up 3% year-on-year, with an EBITDA margin of 22.5%, an increase of 0.8 percentage points [3]. - The company plans to continue its high-end strategy and implement a "Three Precision" management strategy, expecting a recovery in growth due to improved dining demand and sustained cost benefits [4]. Financial Summary - For 2024, the company reported total revenue of 38.635 billion, with a year-on-year growth rate of -1%. The net profit was 4.739 billion, with a year-on-year growth rate of -8% [6]. - The projected net profits for 2025, 2026, and 2027 are expected to be 5.243 billion, 5.826 billion, and 6.568 billion, respectively, reflecting year-on-year growth rates of 11.1%, 11.1%, and 12.7% [4][6]. - The company’s P/E ratio is projected to decrease from 15.97 in 2024 to 13.00 in 2027, indicating an improving valuation over time [6][13].