What happened: the company released its quarterly report of 2024, and 24Q1 achieved revenue of 101.Playrouletteonlinefree.500 million yuan,-5.2% compared with the same period last year; realized return net profit of 1.597 billion yuan, + 10.1% year-on-year; realized non-return net profit of 1.513 billion yuan, + 12.1% year-on-year.
On the revenue side, the base affects sales pressure, and the structure is still in the process of improvement. On the sales side, 24Q1 achieved a cumulative sales volume of 218.4 kiloliters,-7.58 percent year-on-year. On the structural side, 24Q1 achieved a tonnage of 4647.44 yuan per ton, + 2.58% year-on-year. The main brand of 24Q1 in Qingdao achieved sales of 132.2 kiloliters, compared with the same period last year. The sales volume of mid-and high-end products of 24Q1 was 960,000 liters, and-2.44 percent compared with the same period last year. The decline in the company's sales is mainly due to a high base in the same period last year, but the structure continues to improve, the main brands and middle and high-end products remain more resilient, looking forward to a slight increase in sales for the whole year, and the product structure will continue to improve.
On the profit side, cost improvement, structure optimization and expense control, profitability continues to improve. 24Q1 achieved a gross profit margin of 40.44%, year-on-year + 2.12pcts, and a net profit rate of 15.74%, year-on-year + 2.18pcts. The cost of 24Q1 tons is 2767.99 yuan / ton, which is-0.96% compared with the same period last year. In terms of expenses, the sales / management / R & D expense rates of 24Q1 are 12.83%, 3.40% and 0.18%, respectively, compared with the same period last year-1.02/+0.41/+0.08pcts. The downward cost + structural improvement leads to the increase of gross profit margin and the cost control is good.
Looking forward to 2024, the improvement in barley prices will bringPlayrouletteonlinefreeThe downward trend in costs is expected to continue. The company's cost control is reasonable and its profitability is stable.
Structural upgrading has achieved remarkable results, and cost control + operation efficiency is beneficial to the thickening of profits. The company's main brand and middle and high-end performance continues to improve, on the one hand, the sales performance of classic and above products is eye-catching, the strategic position of white beer and fresh beer products is established, and the middle and low-end products are optimized and integrated; on the other hand, through factory closure optimization, fine cost investment and other ways, cost-effectiveness to enhance the release of profit elasticity.
Investment suggestion: from 2024 to 2026, the company is expected to achieve an operating income of 359.3 pictur 38.31 billion yuan, compared with the same period last year, the company is expected to achieve an operating income of RMB 359.3 million, a year-on-year increase of 5.9%, 6.6% and 6.1%, and a net profit of 51.1% and a net profit of 59.5%, 16.4% and 14.5%, respectively, corresponding to a PE of 22nd 19max 16x, maintaining the company's "overweight" rating.
Risk tips: food safety risks, increased competition in the industry, and the risk that spending power is not as good as expected.