Investment Rating - The report maintains a "Buy" rating for China Resources Beverage [6] Core Views - The company reported a stable revenue of 13.521 billion, with a slight year-on-year increase of 0.05%, and a net profit of 1.637 billion, reflecting a year-on-year growth of 23.12% [1] - The beverage segment is actively being developed as a second growth curve, achieving a revenue of 1.397 billion, which is a significant year-on-year increase of 30.80% [2] - The company is focusing on enhancing production capacity and efficiency, with a gross margin of 47.3%, up by 2.7 percentage points year-on-year [3] - The company plans to distribute a total dividend of 1.158 billion, with a payout ratio of 70.8%, indicating a strong commitment to shareholder returns [3] Summary by Sections Sales Performance - The packaging water business generated revenue of 12.124 billion, a decrease of 2.59% year-on-year, accounting for 89.7% of total revenue. The retail sales of the company's packaging water products grew by 4.5%, outperforming the industry growth rate of 2.5% [1] - The beverage business has shown robust growth, with a three-year compound annual growth rate of 40%, driven by new product launches and market expansion [2] Production and Profitability - The company has increased its production capacity by 21% year-on-year, adding 22 new production lines, which is expected to enhance the self-sufficiency rate of packaging water to over 60% by the end of the 14th Five-Year Plan [3] - The net profit margin improved to 12.1%, an increase of 2.27 percentage points year-on-year, supported by reduced sales and management expenses [3] Financial Projections - The company forecasts net profits for 2025, 2026, and 2027 to be 1.975 billion, 2.377 billion, and 2.897 billion respectively, with year-on-year growth rates of 20.7%, 20.4%, and 21.9% [3] - The report provides a detailed financial outlook, projecting steady revenue growth and improving profitability metrics over the next few years [5][12]
华润饮料（02460）：销售稳健、优化产能，高分红回馈股东