[Table_Title] 万联晨会 [Table_MeetReportDate] 2025 年 09 月 11 日 星期四 [Table_Summary] 概览 核心观点 【市场回顾】 周三 A 股三大股指集体收涨，上证指数上涨 0.13%，报 3812.22 点； 深证成指上涨 0.38%，报 12,557.68 点；创业板指上涨 1.27%，报 2904.27 点。A 股两市全天成交额 1.98 万亿元人民币，南向资金净买 入 75.66 亿港元。A 股两市个股普遍下跌，超 2500 只个股下跌。申 万行业方面，通信、电子及传媒行业领涨，电力设备及综合行业跌幅 居前；概念板块方面，覆铜板指数及冰雪旅游概念指数涨幅居前，锂 矿指数及锂电正极概念指数跌幅居前。恒生指数上涨 1.01%，恒生科 技指数上涨 1.27%；美国三大股指涨跌不一，道指下跌 0.48%，报 45,490.92 点，标普 500 指数上涨 0.30%，报 6532.04 点，纳指上涨 0.03%，报 21,886.06 点。欧洲股市及亚太股市主要股指普遍上涨。 市 场 研 究 【国家发改委主任郑栅洁向全国人大常委会报告今年以来国民经济 ...

高档啤酒销量增速亮眼，盈利能力稳步提升 [Table_StockName] ——珠江啤酒（002461）点评报告 [Table_ReportDate] [Table_Summary] 报告关键要素: 8 月 28 日，公司发布 2025 年半年度报告。报告显示，公司 2025 年上 半年度实现营业收入 31.98 亿元（YoY+7.09%），归母净利润 6.12 亿元 （YoY+22.51%），扣非归母净利润 5.87 亿元（YoY+23.31%）。其中 2025Q2 实现营业收入 19.71 亿元（YoY+4.96%），归母净利润 4.55 亿元 （YoY+20.17%），扣非归母净利润 4.41 亿元（YoY+18.80%）。 投资要点: ⚫ 毛利率、净利率均稳步提升，管理费用率略有增加，销售费用率、财务 费用率、研发费用率均略有下滑。2025 年上半年公司毛利率为 51.85%， 同比+2.81pcts；2025 年上半年公司净利率为 19.44%，同比+2.34pcts。 其中 2025Q2 公司毛利率为 56.11%，同比+3.00pcts；2025Q2 公司净利 率为 23.35%，同比+2.87 ...

Core Viewpoint - Guangzhou Zhujiang Brewery Co., Ltd. reported strong growth in its 2025 semi-annual report, with significant increases in beer sales, revenue, and net profit, indicating a robust performance in a competitive market [2][4]. Financial Performance - In the first half of the year, the company achieved beer sales of 734,100 tons, a year-on-year increase of 5.10% [2]. - Revenue reached 3.198 billion yuan, up 7.09% year-on-year [2]. - Net profit attributable to shareholders was 612 million yuan, reflecting a growth of 22.51% [2]. Business Structure - The main business segment generated revenue of 3.100 billion yuan, with a year-on-year increase of 7.80% [2]. - Revenue by channel: ordinary channel (2.903 billion yuan, +6.57%), supermarket channel (126 million yuan, +49.29%), nightlife channel (38 million yuan, -4.58%), and e-commerce channel (33 million yuan, +47.72%) [2]. - Gross margins across channels ranged from 39.52% to 51.38% [2]. Regional Distribution - The South China region remains the core market, contributing 3.017 billion yuan, with its share of total revenue increasing from 93.19% to 94.36% year-on-year [2]. Competitive Landscape - The beer market in Guangdong province is characterized by high production and consumption, with Zhujiang Brewery solidifying its leading position as competitors like Budweiser lose market share [3]. - The company benefits from a strong brand presence and consumer recognition in the region [3]. Production Capacity - Zhujiang Brewery is enhancing its production capabilities, with new projects such as the bottled pure draft line in Meizhou and ongoing upgrades in Zhongshan and Zhanjiang [3]. Product Strategy - The company categorizes its beer products into high-end, mid-range, and mass-market segments, with high-end products generating 2.364 billion yuan in revenue, a 15.87% increase [3]. - Mid-range and mass-market products saw revenues of 535 million yuan (-17.47%) and 201 million yuan (+7.50%), respectively, indicating a shift towards high-end offerings [3]. Industry Trends - The Chinese beer industry is entering a stable development phase with intense competition, and high-end products are becoming increasingly popular [4]. - The company aims to innovate, optimize product structure, and expand market presence while enhancing brand strength [4]. - Consumer preferences are shifting towards high-quality products, driving the market dynamics [4].

Core Viewpoint - Zhujiang Beer reported a revenue increase of 6.56% and a net profit increase of 29.95% for 2024, despite the overall beer industry facing a decline in production [2][4]. Financial Performance - The company's total revenue reached 5.731 billion yuan, up from 5.378 billion yuan in 2023, marking a 6.56% year-on-year growth [3]. - The net profit attributable to shareholders was 810 million yuan, a 29.95% increase from 623 million yuan in the previous year [3]. - The net profit after deducting non-recurring gains was 762 million yuan, reflecting a 36.79% increase compared to 557 million yuan in 2023 [3]. - Basic and diluted earnings per share rose to 0.37 yuan, up 32.14% from 0.28 yuan in 2023 [3]. Market Position - Zhujiang Beer generated 54.9 billion yuan in revenue from South China, accounting for 95.81% of total revenue, with a growth rate of 7.45%, outperforming the regional beer production average of 3.2% [5]. - The company remains heavily reliant on the South China market, with only 4.19% of revenue coming from outside this region [6]. Industry Context - The overall beer production in China decreased by 0.6% in 2024, marking a continuous decline over five years, while Zhujiang Beer managed to achieve growth [4]. - The beer industry is experiencing a shift from scale competition to value competition, posing challenges for regional brands like Zhujiang Beer in achieving national expansion [10]. Strategic Challenges - Despite strong performance, the company faces questions regarding its nationalization strategy and the need to reduce dependence on the South China market [6][8]. - The high-end product segment saw a sales increase of 13.96%, indicating a positive trend in product structure optimization [10]. - However, mid-range products experienced a revenue decline of over 10%, highlighting struggles in maintaining market share [10].