> **来源：[研报客](https://pc.yanbaoke.cn)** # CR Beverage (2460 HK) Summary ## Core Content CR Beverage (2460 HK) is undergoing significant restructuring efforts that are impacting its financial performance. The company's first-half of 2026 (1H26) revenue fell by 12.1% to RMB5,455 million, primarily due to a 7.9% decline in packaged water revenue and a 35.4% contraction in the beverage segment. Despite these challenges, the company managed to expand its gross margin by 0.9 percentage points to 47.6%, exceeding market expectations. The net profit (NP) for 1H26 dropped by 26.4% YoY to RMB592 million, mainly due to operating deleveraging and an increase in the SG&A ratio. The company is currently in a phase of reform, which has caused deeper-than-expected disruptions, delaying the return to growth. As a result, the target price (TP) has been revised down by 14% to HK\$9.57, while the target PE multiple remains at 20x. ## Main Points - **Revenue Decline**: - 1H26 revenue fell 12.1% YoY to RMB5,455 million. - Packaged water revenue declined 7.9% YoY to RMB4,838 million. - Beverage segment revenue dropped 35.4% YoY to RMB617 million. - **Gross Margin Expansion**: - Gross margin increased to 47.6%, surpassing market expectations. - This was achieved through cost management strategies including early PET price-locking, shrink-wrapped packs penetration, logistics optimization, and small-batch procurement. - **Reform Progress**: - Headquarters restructuring: 10 departments merged and headcount reduced by ~40% in 1H26. - Channel restructuring: Distributor self-operation ratio increased by 10ppt, e-commerce revenue mix at ~10%, and instant retail water sales volume doubled. - R&D investment increased by 74.6% YoY to RMB25.8 million in 1H26. - **Earnings Outlook**: - FY26E revenue is revised down by 14-15% compared to previous estimates. - FY26E NP is revised down by 13.8%. - The company is expected to reach an earnings trough in FY26E, with an inflection point for reform payoffs anticipated in the future. - **Valuation**: - The stock currently trades at a 15.2x 2026E PE, which is its historical low. - The target price remains at HK\$9.57, based on a 20x 2026E PE. - **Financial Performance**: - Revenue for FY24A to FY28E shows a mixed trend with declines in early years followed by a gradual recovery. - Net profit is expected to grow in the long-term, with FY28E projected at RMB1,259 million. - EPS is expected to increase from 0.42 in FY25A to 0.52 in FY28E. - **Share Performance**: - The stock has seen a 25.2% decline in the 6-month period. - Dividend yield is around 5.6% for FY26E, with a payout ratio of 92%. ## Key Information - **Target Price**: HK\$9.57 (revised down by 14% from previous estimate). - **Target PE Multiple**: 20x. - **Earnings Trajectory**: - FY24A: RMB10,530 million. - FY25A: RMB11,210 million. - FY26E: RMB11,811 million. - **Net Profit Trajectory**: - FY24A: RMB1,016 million. - FY25A: RMB1,162 million. - FY26E: RMB1,259 million. - **Dividend Yield**: 5.6% for FY26E. - **Payout Ratio**: 92%. - **Shareholding Structure**: - CRH Beverage Ltd.: 50.0%. - Plateau Consumer Ltd.: 33.4%. ## Risks - **Macro Weakness**: Potential economic downturns may impact sales. - **Reform Slippage**: Delays in the restructuring process may affect profitability. - **Cost Inflation**: Rising costs could pressure margins. - **Food Safety**: Regulatory and consumer risks related to product safety. ## Analyst View - **Rating**: BUY. - **Reasoning**: Despite the short-term challenges, the company's structural measures are expected to support stable margins and long-term growth. The earnings trough is expected in FY26E, and the reform benefits are anticipated to materialize in the future. - **Outlook**: The company is expected to recover gradually, with a focus on channel optimization and R&D investment. The stock is considered undervalued based on its current P/E ratio.