Zhongtong Finance APP learned that Open Source Securities issued a research report, giving China Resources Beer (00291) a 'shareholding' rating for the first time. It is expected that the company will achieve a net profit attributable to the mother of 5.990 billion yuan, 6.695 billion yuan, and 7.352 billion yuan from 2024 to 2026, with corresponding EPS of 1.85, 2.06, and 2.27 yuan. The high-end strategy is effective, and the profit continues. Released, the company's valuation is historically low. As the largest beer leader in China, the company's high-end approach has accelerated after acquiring Heineken's assets in China.

In terms of the industry, since 2016, domestic beer demand has gradually stabilized, bidding farewell to the era of high-speed competition for sales expansion. The leading share has gradually concentrated, and the beer industry has shown a market pattern of regional fragmentation. The industry has begun to enter The high-quality development stage mainly based on operational efficiency improvement and structural upgrading. As far as the supply side is concerned, on the one hand, under the competition of existing stocks, the pattern is stable and gradually improving, the leading factory has improved efficiency, small and medium-sized beer factories have withdrawn from the market, and the industry's production capacity burden has been cleared; on the other hand, accompanying the upgrade of beer consumption and the rise of young consumer groups, the high-end beer market continues. Expanding, leading companies have actively promoted product high-end, and the overall profit of the industry has accelerated release.

As for the company, development has always revolved around the '3+3+3' strategic layout and established the grand goal of becoming a world-class beer enterprise. The company has completed the first and second stage tasks, namely the first stage of de-burdening (closing factories, optimizing capacity, and streamlining teams), strengthening the foundation (improving product quality and innovation + execution), and accumulating energy (merging with Heineken and promoting the construction of 4+4 brand matrix). The second stage is to fight high-end (high-end sales are close to the maximum competing products), improve quality (operation quality is upgraded again), and increase efficiency (improve production capacity + optimize management + financial transformation, comprehensively enhance profitability).

China Resources Beer is currently entering its third stage, that is, winning the high-end market (the scale of the high-end market surpasses all competitors), double benchmarks (conducting 'double benchmarks' with world-class beer companies at home and abroad), and becoming first-class (realizing market value and profitability. 'Double exceeding', becoming a world-class enterprise). Currently, the company continues to create heavyweight items such as Heineken and Pure Draft, and promotes product high-end; organizes secondary reengineering, opens up production and sales links, and reduces operating costs; optimizes the national production capacity layout and improves operational efficiency, moving towards a world-class beer enterprise in all aspects.