重庆啤酒（600132）与参股公司重庆嘉威啤酒有限公司（以下简称"嘉威啤酒"）的合同纠纷有了新进 展。 近日，重庆市第五中级人民法院（以下简称"重庆五中院"）一审判令重庆啤酒支付嘉威啤酒3.5亿元， 驳回双方其他诉讼请求。对此，重庆啤酒明确表示，将坚决提起上诉，并向社会各界澄清事实、还原真 相。 在一审做出判决后，嘉士伯中国公开发声，重庆啤酒已决定向重庆市高级人民法院提起上诉。 预计减少2024年度利润2.54亿元 3月14日晚间，重庆啤酒发布公告，针对该案件，重庆五中院已作出一审判决，判令重庆啤酒在判决生 效之日起十日内向嘉威啤酒支付3.53亿元，驳回嘉威啤酒其他诉讼请求及重庆啤酒反诉请求。 回溯到2023年10月，嘉威啤酒就其与重庆啤酒的合同纠纷，向重庆五中院提交《民事起诉状》，嘉威啤 酒诉被告合同纠纷，诉讼请求金额暂计6.32亿元及诉讼费用。2023年12月5日，重庆啤酒收到重庆五中 院下发的《民事起诉状》副本，该案案件于2024年8月1日开庭；同时，重庆啤酒当庭提交《民事反诉 状》，请求人民法院解除重庆啤酒与嘉威啤酒于2019年3月15日签订的《 之备忘录(三)》。 针对一审判决，重庆啤酒表示，目前处 ...

证券代码：600132 证券简称：重庆啤酒 公告编号：临 2025-002 1. 案件所处的诉讼阶段：重庆市第五中级人民法院（以下简称"重庆五中院"） 已作出一审判决（"一审判决"）。 2. 上市公司所处的当事人地位：重庆啤酒股份有限公司（以下简称"上市公 司"或"公司"）为本诉被告，反诉原告。 1 重庆啤酒股份有限公司 关于公司涉及诉讼进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 4. 是否对上市公司损益产生负面影响：本判决为一审判决，目前处于上诉 期内，尚未生效执行，公司将坚决提起上诉。根据《企业会计准则第13号——或 有事项》和应用指南，经与审计机构沟通，基于会计谨慎性原则，公司下属实施 该包销业务的控股子公司嘉士伯重庆啤酒有限公司拟计提预计负债25,402.92万 元，预计减少公司2024年度利润总额25,402.92万元、归属于上市公司股东的净利 润13,062.18万元。上述影响为公司初步测算结果，未经会计师事务所审计，具体 数据以公司2024年年度报告中披露的数据为准。 3. 涉 ...

好的，各位投资者，大家下午好，我是国信食品分析师杨苑。我们今天这一场会议，非常 有幸的请到了重庆啤酒的董秘邓总来跟我们做这一场交流。在我们正式开始之前，这里还 是要强调一下我们的会议纪律。我们这次会议的话也是策略会，我们采用的是报名制，所 以也是一个非常小范围的交流，也希望大家不要把我们这次交流的任何的内容向外传播， 然后我们大家一起来进行接下来的讨论。好，郑总请问您能听得到吗？ 发言人 4 0:00:37 能听得到，谢谢杨燕，谢谢各位投资者时间。 发言人 3 0:00:41 好的，谢谢邓总的时间。好，那我这边的话就先向邓总先去进行请教。我们在线的投资者 的话，如果有任何问题也可以在线上一键举手提问，或者是把问题发给我，由我来这边来 问也可以。好，那我这边的话就抓紧时间先向郑总进行一个请教我就先来提问一个关于渠 道的一个问题。因为我们之前在业绩交流会那个业绩快报完了一个交流会的时候，公司其 实也是多次强调在飞力达渠道这边的一个布局。其实我们从自身终端的一个调研情况来看 我们会发现在超市，便利店，流通这些终端，我们会发现重啤的这个渗透率确实是有提高 的。 特别是我们有观察到像 1664、乌苏这些产品的排名也非常 ...

我们应该是从二三年到下半年就已经看到现影的这个恢复是相对而言是比较疲弱的那我们在那个时候呢就加强了在非现影渠道的投放非现影渠道呢确实也是过去呢啤酒行业包括我们自己都是把现影渠道呢作为重点我们所有的新品 所有的这个包括品牌的广告都是和信誉去做这样的一个长深度的这样的一个绑定所以说从结构来讲和终端的售价来讲信誉渠道的价格和结构都远远要高于我们的这个非信誉渠道非信誉渠道如果从现在来看在超市里面还有机会看到 一块多两块多一瓶的这样的一些啊超低端的这样一些啤酒而这些这种价格的啤酒你付一元一看也两千多块钱一吨其实肯定从这个这个赚钱的角度来讲他肯定从单品来看都是亏损的啊所以呢飞行引渠道呢第一个要做的呢首先呢我们要把飞行引渠道的这个呃沉降和铺货要做下去对于我们来讲我们 在全国相对而言我们的这个销售终端的这个颗粒度啊密集程度啊这个网络相对而言是有更大的成长的那样的一些空间啊另外呢刚刚也提到这个结构上的消费习惯形成结构上的原因飞行渠道的整体的这个均价相对而言要低一些啊我们还要 从环境来讲还有机会在非线引渠道去提升我们的这个结构带来这个高端化的这样一些成长所以我们在今年其实在去年也有我们在非线引渠道就要通过产品除了费用的投放以及这 ...

Investment Rating - The investment rating for Chongqing Beer is maintained at "Outperform" [1] Core Views - The company is expected to face short-term pressure due to weak demand and inventory destocking, but high dividends are likely to continue [4][7] - For 2024, the company forecasts revenue of 14.645 billion yuan, a year-on-year decrease of 1.15%, and a net profit of 1.244 billion yuan, down 6.84% year-on-year [4][9] - The company is adjusting its profit forecasts for 2024-2026, with net profit estimates revised to 1.244 billion yuan, 1.351 billion yuan, and 1.433 billion yuan respectively [4][9] Summary by Sections Financial Performance - The company expects a 0.75% decline in sales volume for 2024, primarily due to weak restaurant consumption and increased rainy weather [5] - The average price per ton is projected to decrease by 0.4% due to a decline in the share of on-premise consumption channels [5] - The net profit margin is expected to decline due to a decrease in product structure and increased depreciation costs from new factory operations [6] Cash Flow and Dividends - Despite facing challenges, the company maintains good cash flow, and high dividends are expected to provide strong support for the stock price [7] - The company plans to increase investments in non-on-premise channels to improve product structure [7] Valuation Metrics - The current stock price corresponds to a P/E ratio of 21.5 for 2024, 19.8 for 2025, and 18.6 for 2026 [4][9] - The projected EPS for 2024-2026 is 2.57 yuan, 2.79 yuan, and 2.96 yuan respectively [4][9]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company is expected to achieve a revenue of 14.645 billion yuan in 2024, a year-on-year decrease of 1.15%, and a net profit attributable to the parent company of 1.245 billion yuan, a year-on-year decrease of 6.84% [2][3] - The performance is under pressure due to weak sales volume and pricing, with a projected sales volume of 2.975 million tons in 2024, down 0.75% year-on-year [3] - Despite the short-term challenges, the company is expected to maintain a high dividend level, with cash dividend ratios of 83.0%, 99.6%, and 101.4% for the years 2021, 2022, and 2023 respectively [4] Summary by Sections Financial Performance - In 2024, the company anticipates a revenue of 14.645 billion yuan, with a slight decline in net profit to 1.245 billion yuan [5] - The gross margin is expected to decrease to 48.5% in 2024 from 49.1% in 2023 [5] - The earnings per share (EPS) for 2024 is projected to be 2.57 yuan, down from 2.76 yuan in 2023 [5] Sales and Market Dynamics - The sales volume is projected to decline to 2.975 million tons in 2024, with a quarterly breakdown showing a significant drop in Q4 [3] - The company faces challenges in high-end product sales, with brands like 1664 and Uusu experiencing a decline, while others like Lebao and Carlsberg continue to grow [3] Future Outlook - The company aims to explore new growth opportunities and expand non-drinking channels, with expectations for revenue stability in 2025 [4] - The projected revenues for 2025 and 2026 are 14.789 billion yuan and 14.968 billion yuan respectively, with net profits of 1.267 billion yuan and 1.298 billion yuan [5]

Investment Rating - The investment rating for Chongqing Beer is "Buy" with a target price not specified [7]. Core Views - The company is expected to generate a total revenue of 14.645 billion yuan in 2024, a decrease of 1.15% year-on-year, and a net profit attributable to the parent company of 1.245 billion yuan, down 6.84% year-on-year [1][3]. - In Q4 2024, the company reported a revenue of 1.582 billion yuan, a decline of 11.5% year-on-year, and a net loss attributable to the parent company of 87 million yuan, indicating a significant increase in losses compared to the previous year [1][3]. - The beer industry is facing challenges due to changes in consumption habits and scenarios, particularly in dining and entertainment channels, leading to a decline in sales volume [2][3]. Summary by Sections Financial Performance - The sales volume for 2024 is projected to be 2.975 million kiloliters, a decrease of 0.75% year-on-year, with a slight decline in revenue per ton by 0.4% [2]. - The company's net profit margin and operating profit margin are expected to decrease by 0.5 and 0.9 percentage points year-on-year, respectively, indicating reduced scale effects due to declining sales [3]. Strategic Outlook - The company plans to continue its "Sailing 27" strategy, focusing on expanding its market share through a diversified brand portfolio and high-end strategy, while also enhancing non-dining channel development and increasing canning rates [3]. - The company anticipates a recovery in dining and nightlife consumption scenarios with the introduction of consumption promotion policies [3]. Earnings Forecast - The adjusted earnings forecast for 2024-2026 is as follows: revenue of 14.645 billion yuan in 2024, 14.749 billion yuan in 2025, and 15.168 billion yuan in 2026; net profit attributable to the parent company is expected to be 1.245 billion yuan in 2024, 1.280 billion yuan in 2025, and 1.351 billion yuan in 2026 [3][5].

——现饮渠道需求承压 提升罐化率优化产品结构 报告原因：有业绩公布需要点评 增持（下调） 食品饮料 2025 年 02 月 08 日 重庆啤酒 (600132) | 市场数据： | 2025 年 02 月 07 日 | | --- | --- | | 收盘价（元） | 55.20 | | 一年内最高/最低（元） | 77.00/50.85 | | 市净率 | 12.5 | | 股息率%（分红/股价） | 7.79 | | 流通 A 股市值（百万元） | 26,715 | | 上证指数/深证成指 | 3,303.67/10,576.00 | | 注："股息率"以最近一年已公布分红计算 | | 上 市 公 司 | 基础数据: | 2024 年 09 月 30 日 | | --- | --- | | 每股净资产（元） | 4.41 | | 资产负债率% | 66.84 | | 总股本/流通 A 股（百万） | 484/484 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 02-07 03-07 04-07 05-07 06-07 07-07 08-07 09-07 10-07 1 ...

公司研究 量价承压，静待需求好转 ——重庆啤酒（600132.SH）2024 年业绩快报点评 要点 事件： 24 年公司实现收入 146.45 亿元，同比-1.15%；实现归母净利润 12.45 亿元，同比-6.84%；实现扣非归母净利润 12.22 亿元，同比-7.04%。其中，24Q4 实现收入 15.82 亿元，同比-11.45%；实现归母净利润-8675 万元，亏损同比扩 大；实现扣非归母净利润-8405 万元，亏损同比扩大。 外部环境影响叠加高基数和去库存，24Q4 销量下滑较多。24 年受外部消费环 境变化以及旺季极端气候条件影响，啤酒行业在现饮渠道面临压力。受此影响， 24 年公司整体销量同比下降 0.75%，每百升营收同比下降约 0.4%，每百升营 收下滑与渠道结构变化有关，非现饮渠道高端化进程比现饮渠道慢，24 年非现 饮渠道收入占比持续提升，一定程度影响均价。其中 24Q4 量/价分别下降 8.0%/ 3.7%，第四季度销量下滑较多除外部环境影响外，也与公司 23Q4 的销量基数 较高和产品去库存有关。 2025 年 2 月 9 日 分产品看，我们估计 24 年高端产品疆外乌苏和 1664 ...

Investment Rating - The report maintains a "Cautious Recommendation" rating for the company [2] Core Views - The company reported a total revenue of 14.64 billion yuan for 2024, reflecting a year-on-year decline of 1.15%, and a net profit attributable to shareholders of 1.25 billion yuan, down 6.84% year-on-year [2] - The fourth quarter of 2024 showed a continued decline in sales volume, with a year-on-year decrease of 11.5% and a net loss of 0.87 billion yuan [2] - Despite the overall weak performance, the company is adapting by increasing its focus on non-on-premise channels and improving canning rates, which is a trend in the industry [2][3] - The report anticipates that if local dining consumption subsidies expand, there could be a potential improvement in beer sales through on-premise channels in 2025 [2] Financial Forecasts - The projected revenue for 2025 is 14.69 billion yuan, with a slight growth of 0.31% expected [2] - The net profit forecast for 2025 is 1.30 billion yuan, indicating a growth of 4.26% [2] - The diluted EPS is expected to be 2.68 yuan in 2025, up from 2.57 yuan in 2024 [2] - The gross margin is projected to remain stable around 48.86% for 2025 [2] Cash Flow and Financial Ratios - Operating cash flow is expected to be 3.18 billion yuan in 2025, down from 3.47 billion yuan in 2024 [3] - The company is expected to maintain a stable overall cost per ton in 2025, despite the anticipated decrease in raw material costs [2] - The report highlights a projected net profit margin of 8.84% for 2025 [4]