Core Viewpoint - China Resources Beverage reported stable revenue growth for 2024, with revenue reaching 13.521 billion yuan and net profit increasing by 24.7% to 1.661 billion yuan, driven by a significant improvement in gross margin from 44.7% in 2023 to 47.3% in 2024, leading to a net profit margin increase from 9.9% to 12.3% [1][3][4] Financial Performance - The company plans to distribute a total dividend of 1.158 billion yuan for 2024, with a payout ratio of 70.8%, reflecting a strong commitment to shareholder returns [1][16] - The gross margin has increased significantly over the past years, with a compound annual growth rate of 24.6% in net profit, outperforming the industry average [3][4] Cost Control and Efficiency - The improvement in gross margin is attributed to three main factors: an increase in self-owned production capacity from 36% in 2023 to over 50% in 2024, cost reductions through value chain optimization, and a decrease in raw material costs [5][6][7] - The company achieved a 4.8% reduction in sales costs, amounting to 3.55 billion yuan, which is comparable to the net profit increase of 3.3 billion yuan for the year [7] Product and Market Strategy - In 2024, the packaging drinking water segment generated 12.124 billion yuan in revenue, accounting for 89.7% of total revenue, while the beverage segment, identified as a second growth curve, achieved 1.397 billion yuan, growing by 30.8% [9][12] - The company has successfully launched new beverage products, such as "Zhiben Qingrun" chrysanthemum tea, which captured a 38.5% market share and saw a 122% increase in sales [10][12] Future Outlook - The company aims to enhance its internal production, operations, and marketing capabilities by 2025, focusing on supply chain efficiency and cost reduction [1][15] - The strategic focus includes expanding into the northern market and enhancing product diversification, with expectations of continued growth in the beverage segment [15][17]
华润饮料(02460)2024财报：一场静悄悄的效率革命和第二曲线的增长逻辑