The event company announced its quarterly report for 2024. 2024Q1TherodfathermegawaysThe company achieved a total revenue of 42Therodfathermegaways9.3 billion yuan (+ 7.16%), net profit 452 million yuan (+ 16.78%), non-return net profit 446 million yuan (+ 16.91%). The structure has been continuously optimized, the volume and price of Q1 beer has risen 1) the structure has been continuously optimized, the proportion of high-grade beer has increased, and the unit price of economic beer has increased by + 11% compared with the same period last year. 2024Q1, the company's high-end, mainstream and economic beer income is 25.72,15.20 and 86 million yuan respectively, compared with the same period last year, + 8.28%, + 3.57% and + 12.39% respectively, accounting for 61.56%, 36.38% and 2.06% respectively. The growth rate of high-grade and economic beer is leading, and the increase of economic beer income mainly comes from the increase of unit price. Q1 economic beer volume and price are + 1.69% and + 10.52% respectively compared with the same period last year. 2) the volume and price of Q1 beer products have risen. 2024Q1, the company achieved beer sales of 86.68 million liters, + 5.25% year-on-year, estimated unit price of 4.82 yuan / liter, year-on-year + 1.28% Q1 beer product volume and price rise. 3) South District and Central District lead the growth. 2024Q1, the revenue of the northwest, central and southern districts of the company is 11.60,18.09,1.209 billion yuan respectively, which is + 3.23%, + 7.05% and + 9.32% respectively compared with the same period last year. 4) Wholesale revenue is steady, and the number of dealers is optimized. 2024Q1, the company's wholesale income is 4.17 billion yuan, which is + 6.65% of the same period last year. At the end of 24Q1, the company has a total of 2969 dealers and a net decrease of Q1. Q1 ton cost is-3.27% year-on-year, gross profit margin and net profit margin are both higher than the same period last year. 1) the cost reduction effect appears, and the gross profit margin is year-on-year + 2.74pct. 2024Q1, the company's gross profit margin is 47.90%, year-on-year + 2.74pct, mainly due to the decline in raw material prices leading to a decline in unit costs, estimated to be about 3.27% lower than the same period last year. 2) Q1 homing net interest rate compared with the same period last year + 0.87pct. 24Q1, the company's homing net interest rate is 10.53%, year-on-year + 0.87pct, the increase is lower than the increase in gross profit margin, mainly due to the increase in expense rate, asset impairment and the impact of income tax and minority shareholders' profits and losses. 2024Q1, company sales, management, R & D, financial expense rate + 0.18,0.02, + 0.07, + 0.15pct to 13.13%, 3.13%, 0.11%,-0.19%; asset impairment loss / income year-on-year + 0.24pct to 0.34%; income tax expense / income year-on-year + 0.47pct to 4.83%, effective income tax rate is 18.75%, year-on-year + 0.35pct Minority shareholder profit and loss / income from + 0.73pct to 10.41%. The decline in costs has led to an improvement in profits, and big cities plan to enter the eastern market. 1) the price of raw materials has fallen, and the cost pressure has been gradually released. The price of barley, the main brewing material of beer enterprises, has gradually dropped since the beginning of 2023. The average import price of barley in March 2024 is nearly 33% lower than that at the beginning of 23. With the gradual decline in the inventory cost of raw materials, the company's profitability is expected to improve gradually. 2) "Jiaxu set sail", continue to promote high-quality development. In 2024, the company's "Yangfan 27" strategy entered a new stage of development-"Jiaxu Yangfan". In terms of products, the company will enhance the growth of high-end products and accelerate the growth of non-beer categories; regionally, accelerate the growth of the growth market and promote the profit growth of the base market; and continue to promote the digital transformation and improve the efficiency of the supply chain. Continue to focus on costs. Investment suggestions We estimate that the company's net return from 2024 to 2026 will be 1.613 billion yuan, respectively, at 1.613 billion yuan, with a growth rate of 7.16%, 6.85% and 5.36%, respectively, corresponding to a market capitalization of RMB 34.1 billion on April 30, with a PE of 24Universe 22Universe 21X (market capitalization RMB 34.1 billion), maintaining the "buy" rating. The risk indicates the risk of fluctuation in the consumption scenario, the risk that the sales of large items are less than expected, and the risk of substantial fluctuation in the price of raw materials. [disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.
[disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.
