华润啤酒：2024 业绩多面，现金流大增

Core Insights - In 2024, China Resources Beer reported total revenue of 40.569 billion yuan, a year-on-year decrease of 2.44% [1] - The net profit attributable to shareholders was 4.739 billion yuan, down 8.03% year-on-year [1] - The company generated a net cash flow from operating activities of 6.928 billion yuan, an increase of 66.98% compared to the previous year [1] Financial Performance - Basic earnings per share were 1.46 yuan, with a weighted average return on equity of 15.13%, a decrease of 2.72 percentage points from the previous year [1] - The company declared a dividend of 0.387 yuan per share for 2024 [1] - As of April 17, the price-to-earnings ratio was approximately 17.69 times, the price-to-book ratio (TTM) was about 2.64 times, and the price-to-sales ratio (TTM) was around 2.17 times [1] Cash Flow and Asset Changes - Cash flow from financing activities decreased by 7.421 billion yuan year-on-year [1] - Cash flow from investing activities improved from -9.687 billion yuan in the previous year to -2.135 billion yuan in 2024 [1] - As of the end of 2024, fixed assets increased by 11.23%, while cash and cash equivalents decreased by 30.4% [1] Liability Changes - Long-term borrowings decreased by 83.71% compared to the previous period [1] - Accounts payable and notes payable increased by 8.03% [1] - Deferred tax liabilities decreased by 32%, and taxes payable decreased by 61.78% [1] Liquidity Ratios - The current ratio for 2024 was 0.60, and the quick ratio was 0.23 [1]