2023年业绩点评：业绩符合预期，首发特别分红

Investment Rating - The investment rating for China Resources Beer is "Buy" [1][4]. Core Views - The company's performance met expectations, with a special dividend announced. The beer business continues to upgrade its structure, while the liquor business is gradually stabilizing. The current stock price corresponds to a 2024 PE of 19X, maintaining a "Buy" rating [4]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 38.932 billion RMB, a year-on-year increase of 10%. The net profit attributable to shareholders was 5.153 billion RMB, up 19% year-on-year, and core EBIT was 7.102 billion RMB, reflecting a 30% increase [4][5]. - The beer business saw a revenue growth of 5%, with core EBIT increasing by 28% and after-tax profit growth of 5%. The liquor business contributed a revenue of 2.067 billion RMB and a net profit of 130 million RMB [4]. Business Segments - The beer business's sales volume increased by 0.5% in 2023, with a price per ton rising by 4%. In the second half of 2023, the price per ton increased by 2.8%. The company aims for a sales volume of 3-3.5 million kiloliters for premium products by 2025 [4]. - The liquor business is expected to see double-digit growth in both revenue and profit in 2024 [4]. Cost and Margin Analysis - The company's gross margin for 2023 was 41.4%, an increase of 2.9 percentage points year-on-year. The beer business's gross margin improved by 1.7 percentage points to 40.2% [4]. - The beer business's cost per ton rose by 1.1% year-on-year, with a 4.1% increase in the second half of 2023. Cost pressures are expected to ease in 2024, leading to further improvements in gross margin [4].