Zhujiang Brewery(002461) 新浪财经·2025-04-26 12:38Core Insights - The company reported a total revenue of 5.73 billion yuan for 2024, representing a year-on-year increase of 6.6% [1] - The net profit attributable to shareholders for 2024 was 810 million yuan, up 29.9% year-on-year [1] - The first quarter of 2025 saw a revenue of 1.23 billion yuan, reflecting a 10.7% increase compared to the same period last year [1] Financial Performance - In 2024, the beer sales volume reached 1.44 million tons, a 2.6% increase year-on-year, outperforming the industry average [1] - The average price per ton of beer increased by 4.3% year-on-year, driven by the strong performance of the premium product 97 Pure Draft [1] - The gross profit margin for 2024 was 46.3%, influenced by product structure upgrades and a decrease in raw material costs [1] Profitability and Cost Management - The net profit margin for 2024 was 14.1%, with a non-recurring net profit margin of 13.3%, both showing improvements of 2.5 and 2.9 percentage points year-on-year, respectively [1] - In the first quarter of 2025, the sales volume was 295,000 kiloliters, marking an 11.7% increase year-on-year [2] - The cost per kiloliter of beer decreased by 5.8% year-on-year, attributed to lower raw material prices and improved procurement management [2] Future Outlook - The company has raised its revenue forecasts for 2025-2027, expecting revenues of 6.13 billion, 6.51 billion, and 6.88 billion yuan, respectively [3] - The net profit forecasts for the same period are 970 million, 1.09 billion, and 1.21 billion yuan, indicating growth rates of 19.6%, 12.1%, and 11.0% year-on-year [3] - The current price-to-earnings ratios are projected to be 24, 22, and 20 for 2025, 2026, and 2027, respectively [3] Market Position - The company is expected to continue experiencing strong growth in its premium product segment and gain market share in Guangdong province [4]