珠江啤酒：广东区域啤酒龙头，产品结构提升、盈利能力改善

Investment Rating - The report gives an "Outperform" rating for Zhujiang Beer [4][5][6] Core Views - Zhujiang Beer has shown strong revenue growth and improved profitability, driven by the performance of its premium product lines and effective cost management [5][6][23] - The company is well-positioned in the Guangdong market, benefiting from a strong brand presence and ongoing channel expansion [6][23] - The report anticipates continued revenue and profit growth through 2026, with a focus on high-end product development [5][6][23] Summary by Sections Financial Performance - In the first half of 2024, Zhujiang Beer achieved total revenue of 2.986 billion yuan, up 7.69% year-on-year, and a net profit of 500 million yuan, up 36.52% year-on-year [5][6] - The beer business generated revenue of 2.88 billion yuan, with a 1.4% increase in total sales volume [5][6] - The average price of beer increased by 6.7% year-on-year, with premium products accounting for 71.0% of revenue, up 5.4 percentage points [5][6] Product Structure and Profitability - The company's gross margin improved to 49.0%, up 3.6 percentage points, due to product upgrades and declining costs of raw materials [5][6] - The net profit margin reached 16.7%, reflecting significant improvements in profitability [5][6] Market Position and Growth Potential - Zhujiang Beer maintains a leading market share in Guangdong, with a focus on high-end products like the 97 Pure Draft series, which continues to show strong growth potential [6][23] - The report projects revenue growth of 6.6% in 2024, with net profit expected to grow by 28.3% [5][6] Valuation - The estimated fair value of Zhujiang Beer is between 9.26 and 10.12 yuan, indicating a potential upside of 7-17% from the current stock price [4][5][6]