Zhujiang Beer (002461): Product structure continues to optimize, base market advantage maintains

Zhujiang Beer (002461): Product structure continues to optimize, base market advantage maintains

Zhujiang Beer (002461): Product structure continues to optimize, base market advantage maintains

The optimization of product structure and expense ratio led to the improvement of profit margin: the company’s operating income increased in the first half of 20195.

49% to 21.

09 million yuan.

Affected by adverse weather at the beginning, the company’s beer sales were 61.

33 initially, at least -0.

05%.

Benefiting from the 重庆耍耍网increase in the proportion of high-end products and favorable substitution, the overall gross profit margin increased by 3 in the first half of the year.

0 points to 43.

2%.

In the first half of the year, the company’s expenses were relatively conservative, and the advertising rate was increased every six months.

5 points to 2.

3%, driving the return of net income to mothers by 35 per year.

92% to 2.

12 ppm, net profit margin increased to 2.

2 points to 10.

0%.

R & D supports the launch of mid-to-high-end new products, and the performance of the regional market continues to improve: 1) The product structure is optimized, and the sales ratio of mid-to-high-end products reached 88 in the first half of the year.

12%, a year to raise 0.

53 points.

With the company’s overall sales basically flat, the sales growth rate of pure draft beer and can products reached 6 respectively.

88%, 7.

39%.

2) The optimization of product structure drives the improvement of regional market profitability.

Among them, the South China base market and the foreign port market respectively achieved gross profit margins of 45.

1%, 18.

4%, an increase of 2 per year.

8 points, 4.

9 points.

3) Research and development continue to release the released high-end production capacity. In the first half of the year, the company launched bottled capping pulp, easy-capped 1997 Pearl River Pure Health, aluminum bottled products and other high-end differentiated new products.

The increase in the proportion of mid- to high-end products has pushed up the ton price of products.

4%.

Increased operating efficiency, multi-business lines are expected to increase thick profit margins: In terms of capacity planning, the company’s current production capacity is about 220 tons. The future direction of improvement is to optimize operating efficiency as the main body. It is expected that some backward production capacity will be gradually phased out.

In addition, the company has actively developed cultural industry projects in recent years, bringing opportunities for multiple business lines.

The company announced on August 21 that the land reserved for the headquarters for the development of the “Zhujiang-Paya Beer Cultural Creative Arts Park Reconstruction and Upgrade Project” was approved by the relevant government and the planned use was changed from industrial to cultural and commercial land, involving land transfer fees.About 18.

1 billion, will further achieve industrial coordination.

Maintain “Overweight” rating: Considering the company’s continued product structure optimization and basic market advantages,合肥夜网 we maintain the company’s net profit for 2019-2021 to 4.
.

0/4.
5/5.
0 million, corresponding to 0 EPS.

18/0.

20/0.

22 yuan.

The current anniversary corresponding to 2019-21 PE is 32/29 / 26x.

Maintain the “overweight” rating.

Risk warning: intensified market competition and loss of basic market share; rising raw material costs; lower-end product promotion than expected.

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