Zhujiang Beer (002461): Performance in line with expected profitability continues to optimize

Zhujiang Beer (002461): Performance in line with expected profitability continues to optimize

Brief comment on the performance of Zhujiang Beer released a performance report, the company in 2019 to achieve operating income42.

44 trillion, +5 for ten years.

06%; net profit attributable to mother 4.

96 trillion, ten years +35.

23%; budget benefit 0.

22 yuan.

  Operating analysis revenue grew steadily, and structural upgrades led to a rise in both volume and price: the company’s substantial revenue growth5.

06%, achieving steady and progressive growth. It is expected that the core of the company’s revenue growth will still be driven by the beer business, and it is likely that both volume and price will rise.

From the perspective of 武汉夜网论坛 sales volume, it is expected that the company’s beer sales will gradually increase, of which the growth of Zhujiang Pure Health and cans products is the most obvious.The company’s beer ton price increased by 3-5%, exceeding 3,200 yuan.

It is expected that the company’s beer culture industry and other businesses have also achieved considerable growth, and the “dual main business” has helped the company achieve its development.

  The profitability of the beer business continued to improve, and the company gradually realized net profit attributable to its mother.

9.6 billion, an annual growth of 35.

23%, corresponding to a net interest rate of 11.

7%, an increase of 2.

29pct, high in recent years.

It is expected that the company’s operating level and intelligence level will continue to improve. Among them, the three major expense ratios of ton of beer are likely to decline, and production transfer will gradually be optimized from procurement to transportation. At the same time, the company will improve management and operation efficiency and improve risk management and control capabilities through various intelligent systems.
In the long run, the company has achieved remarkable results in improving quality and efficiency. Through deepening marketing reforms, adhering to technological innovation and development, and improving management efficiency, its profitability has been continuously improved.

  Profit improvement has not yet ended, and we look forward to the development of the two main industries. As a regional leading beer company, the company still has potential in regional channel expansion and product upgrades. The product-side ratio is expected to further increase, and the company has reserved 0 degreesFor the series of upgraded products, the trend of both volume and price will continue; the channel side will gradually extend the advantages of the retail side to the catering side, with rich application scenarios; in addition, the company will continue to improve the profitability of weak markets outside the province, and refine the market.

We have long been optimistic that the profitability of the main beer industry will continue to increase under the general trend of upgrading the industrial structure and the company’s direction of improving quality and efficiency. The two main businesses of the beer brewing industry and the beer culture industry will develop together to strengthen the company’s industry competitiveness.

  Earnings forecast We expect the company’s revenue in 19-21 to be 42.



21 ppm, a five-year increase of 5.

1% / 3.

8% / 7.

1%, affected by the epidemic, we lowered the company’s revenue for 20 and 21 years, and the adjusted revenue decreased by 6 compared with the previous.

6% and 8.

3%; net profit attributable to mothers is 4.



24 ppm, an increase of 35 in ten years.

4% / 10.

1% / 14.

2%; EPS are 0.

22 yuan / 0.

25 yuan / 0.

28 yuan; corresponding PE is 31X / 28X / 25X; reduce the land valuation of 4.2 billion US dollars, the current corresponding PE is 26X / 24X / 21X, maintaining the “Buy” rating.
  Risk prompts lifting of ban on restricted stocks, rising raw 青岛夜网 material prices, construction of investment projects not meeting expectations