20240827-西南证券-华润啤酒-00291.HK-2024年中报点评_啤酒业务短期承压_不改长期高端化趋势_7页_1mb

华润啤酒（0291HK）2024年中报分析与简要总结

根据西南证券研究报告，华润啤酒在2024年上半年经营收2374亿元，归母净利润471亿元，业绩略低于市场预期。尽管面临外部消费疲软和销量下降，但公司高端化进程顺利推进，吨价增长2%至3554元/吨，毛利率达46.9%。啤酒销量同比下降3.4%，尽管高档及以上产品保持两位数增长，中高档产品占比首次突破50%。白酒业务收入增长206%，成为增长新动力，核心单品增长显著。未来公司聚焦喜力、纯生和SuperX三大品牌，积极布局新渠道与高端产品，持续推进“啤白融合战略”，预计2024-2026年EPS分别达16.2元、17.6元、19.0元，维持“买入”评级，目标价2837港元。

英文摘要：

Analysis and Summary of China Resources Beer (0291HK) 2024 Mid-Year Report

Hu’antong Brewery's mid-year report for 2024 shows total revenue of HKD 739.67 billion and net profit of HKD 527 billion, slightly below market expectations. Despite a beer volume decline of 3.4% due to weak consumer demand, premium upgrades drove tonnage price growth by 2%. Mid-to-premium product share exceeded 50% for the first time. The brewery’s gross profit margin improved to 46.9%. Baijiu revenue surged by 206%, powered by strong sales of key products. The company remains committed to promoting premiumization strategies, focusing on Heineken, Pure Life, and Super X while optimizing channel structures and launching innovative products. Based on solid fundamentals, the report recommends maintaining a "Buy" rating with a HKD 2,837 target price per share for 2024.