Investment Rating - The report maintains a "Buy" rating for the company, indicating a projected stock price increase of over 20% relative to the market benchmark index within the next six months [12]. Core Views - Despite macroeconomic disturbances impacting revenue, the company's fundamentals remain strong, with a slight increase in beer sales volume and stable pricing [2][3]. - The company has adjusted its profit forecasts for 2024-2026, expecting net profits of 1.348 billion, 1.432 billion, and 1.494 billion yuan respectively, reflecting a downward revision due to third-quarter sales pressure [3][4]. Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 13.063 billion yuan, a year-on-year increase of 0.26%, while net profit decreased by 0.9% to 1.332 billion yuan [2]. - In Q3 2024 alone, revenue was 4.202 billion yuan, down 7.11% year-on-year, with net profit declining by 10.1% to 431 million yuan [2]. - The beer sales volume for the first three quarters was 2.657 million tons, a slight increase of 0.2%, with an average price of 4,916.45 yuan per ton [3]. - The company’s gross margin for the first three quarters was 49.2%, showing a slight increase from the previous year [3]. Segment Performance - Revenue from high-end, mainstream, and economy segments for the first three quarters was 7.625 billion, 4.764 billion, and 318 million yuan respectively, with the economy segment showing a significant growth of 14.84% [3]. - In Q3 2024, the high-end segment revenue decreased by 9.24%, while the economy segment grew by 19.97% [3]. Regional Performance - Revenue by region for the first three quarters showed a decline in the Northwest region by 2.5%, while the South region grew by 1.13% [3]. - In Q3 2024, the Northwest region's revenue fell by 10.48%, while the South region's revenue decreased by 9.28% [3]. Valuation Metrics - The company’s projected earnings per share (EPS) for 2024 is 2.79 yuan, with a price-to-earnings (P/E) ratio of 20.8 [4][5]. - The company’s total assets are projected to reach 14 billion yuan by 2024, with a debt-to-asset ratio of 63.9% [4][5].

Investment Rating - The report maintains a "Recommended" rating for the company [5] Core Views - The company reported total revenue of 13.063 billion yuan and net profit attributable to shareholders of 1.332 billion yuan for the first three quarters of 2024, showing a slight increase in revenue but a decrease in net profit compared to the previous year [3] - The demand recovery is slow, with a decline in sales volume due to high base effects and adverse weather conditions in key sales regions [3] - The company is actively exploring high-end products in non-consumption channels and expects a recovery in demand [3] Financial Performance Summary - For Q3 2024, the company achieved revenue of 4.202 billion yuan, a decrease of 7.11% year-on-year, and a net profit of 431 million yuan, down 10.10% year-on-year [3] - The average selling price per ton decreased by 2.44% to 4,677 yuan, reflecting weak downstream demand [3] - The gross profit margin for Q3 2024 was 49.17%, down 1.35 percentage points year-on-year, primarily due to increased costs and reduced scale effects [3] Product and Regional Performance - Revenue from high-end, mainstream, and economy beers in Q3 2024 was 2.362 billion yuan, 1.590 billion yuan, and 132 million yuan respectively, with high-end and mainstream beers experiencing declines [3] - The company’s revenue in the Northwest, Central, and Southern regions for Q3 2024 was 1.121 billion yuan, 1.793 billion yuan, and 1.170 billion yuan, showing year-on-year declines of 10.48%, 5.23%, and 9.28% respectively [3] Future Outlook - The company forecasts revenue growth of 0.7%, 3.1%, and 2.5% for 2024, 2025, and 2026 respectively, with net profit expected to decline slightly in 2024 before recovering in subsequent years [4][6] - The company maintains a high dividend payout ratio, with a historical payout rate of 83% to 101% from 2021 to 2023 [3][4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing short-term pressure on both volume and price, leading to a decline in profitability [1] - Revenue for the first three quarters of 2024 reached 13.063 billion yuan, a year-on-year increase of 0.26%, while net profit attributable to shareholders was 1.332 billion yuan, a decrease of 0.90% [1] - The report anticipates a decline in earnings forecasts due to short-term pressures on sales volume and average price [1] Financial Summary - Revenue (in million yuan): - 2022A: 14,039 - 2023A: 14,815 - 2024E: 14,842 - 2025E: 15,488 - 2026E: 16,135 [1] - Net profit (in million yuan): - 2022A: 1,264 - 2023A: 1,337 - 2024E: 1,304 - 2025E: 1,422 - 2026E: 1,519 [1] - Earnings per share (in yuan): - 2022A: 2.61 - 2023A: 2.76 - 2024E: 2.69 - 2025E: 2.94 - 2026E: 3.14 [1] - The company’s gross profit margin for Q3 2024 decreased by 1.35 percentage points to 49.17% [1] - The report projects a decrease in net profit margins for 2024, with a forecast of 13.04 billion yuan, 14.22 billion yuan, and 15.19 billion yuan for 2024, 2025, and 2026 respectively [1] Market Performance - The company’s stock price as of October 30, 2024, is 58.85 yuan, with a market capitalization of approximately 28.48 billion yuan [2] - The report indicates that the company is expected to outperform the benchmark index by over 15% in the next 6-12 months [4]

Investment Rating - The investment rating for the company is "Recommended" (maintained) [1] Core Views - The company reported a revenue of 13.063 billion yuan for Q1-Q3 2024, a year-on-year increase of 0.26%, while the net profit attributable to the parent company was 1.332 billion yuan, a decrease of 0.90% year-on-year [3] - The company is experiencing pressure on the demand side and is awaiting structural improvements [1] - The company has shown resilience in operations despite external challenges, with stable beer sales of 2.657 million kiloliters in Q1-Q3 2024, a slight increase of 0.20% compared to the previous year [4] Financial Performance Summary - For Q3 2024, the company achieved a revenue of 4.202 billion yuan, a decrease of 7.11% year-on-year, and a net profit of 431 million yuan, down 10.10% year-on-year [3] - The gross profit margin for Q1-Q3 2024 was 49.20%, a slight increase of 0.01 percentage points year-on-year, while the net profit margin was 20.41%, a decrease of 0.38 percentage points year-on-year [4] - The company’s revenue forecast for 2024-2026 has been adjusted, with expected net profits of 1.355 billion yuan, 1.446 billion yuan, and 1.550 billion yuan respectively [4][5] Product Performance Summary - High-end beer products (priced at 8 yuan and above) saw a revenue decline of 1.24% to 7.625 billion yuan in Q1-Q3 2024, while mainstream beers (priced between 4-8 yuan) had a slight revenue increase of 0.03% to 4.764 billion yuan [4] - Economic beers (priced below 4 yuan) experienced a significant revenue growth of 14.84% to 318 million yuan [4] Regional Performance Summary - The southern region achieved a revenue of 3.685 billion yuan in Q1-Q3 2024, an increase of 1.13%, while the central region's revenue remained flat at 5.349 billion yuan, and the northwest region saw a decrease of 2.50% to 3.673 billion yuan [4] Valuation Metrics - The company’s earnings per share (EPS) for 2024 is projected to be 2.80 yuan, with a price-to-earnings (P/E) ratio of 21.0 [5][9] - The projected P/B ratio for 2024 is 12.9 [9]

Investment Rating - The report maintains a "Buy" rating for Chongqing Beer [4] Core Views - The company experienced a slowdown in structural upgrades, leading to short-term performance pressure, with a slight increase in revenue but a decline in net profit [1][4] - Q3 2024 saw a significant drop in both sales volume and average selling price, attributed to weak demand and slow recovery in on-premise consumption [2][3] - The company's gross margin decreased due to increased depreciation expenses from the new Foshan factory, impacting overall profitability [3] Summary by Sections Financial Performance - For the first three quarters of 2024, Chongqing Beer reported revenue of 13.06 billion yuan, a year-on-year increase of 0.3%, and a net profit of 1.33 billion yuan, a decrease of 0.9% [1] - In Q3 2024, revenue was 4.2 billion yuan, down 7.1% year-on-year, with net profit at 430 million yuan, down 10.1% [1] Sales and Product Structure - Q3 2024 beer sales volume was 873,200 kiloliters, a decrease of 5.6%, with an average selling price of approximately 4,813 yuan per ton, down 1.6% [2] - High-end and mainstream product revenues fell by 9.2% and 7.6% respectively, while economic product revenue grew by 20.0% [2] Cost and Margin Analysis - Gross margins for the first three quarters and Q3 2024 were 49.2% and 49.17%, respectively, with Q3 showing a notable decline due to increased depreciation from the new factory [3] - The sales expense ratio was 15.07% for the first three quarters and 14.74% for Q3, reflecting improved efficiency in expense management [3] Profit Forecast and Valuation - The net profit forecasts for 2024-2026 have been revised down to 1.318 billion, 1.399 billion, and 1.481 billion yuan, representing a reduction of 7%, 8%, and 7% respectively [4] - Corresponding EPS for 2024-2026 are projected at 2.72, 2.89, and 3.06 yuan, with P/E ratios of 22x, 20x, and 19x [4]

Investment Rating - The investment rating for Chongqing Beer is "Buy" (maintained) [1] Core Views - The report highlights that the company is waiting for a recovery in dining demand, with revenue and profit figures aligning with market expectations despite a decline in Q3 [1] - The report indicates that the revenue for Q3 was 4.2 billion yuan, down 7.1% year-on-year, and the net profit attributable to the parent company was 430 million yuan, down 10.1% year-on-year [1] - The report anticipates that the company will benefit from a recovery in the dining sector in 2025-2026 [1] Revenue Summary - Q3 revenue showed a decline in product structure, with volume down 5.6% and price down 2.4%, influenced by the overall dining market and weather conditions in Chongqing [1] - The revenue breakdown for Q3 by product tier was 236 million yuan for high-end, 160 million yuan for mainstream, and 13 million yuan for economy, reflecting year-on-year changes of -9.2%, -7.6%, and +20% respectively [1] Profitability Summary - The gross profit margin for Q3 decreased by 1.4 percentage points to 49.2%, primarily due to a 1.1% increase in cost per ton and increased depreciation from the Foshan factory [1] - The net profit margin for Q3 decreased by 0.3 percentage points to 10.2% [1] Financial Forecast - The company is expected to achieve total revenue of 155 billion yuan in 2024, 164 billion yuan in 2025, and 173 billion yuan in 2026, with year-on-year growth rates of 4.8%, 5.4%, and 5.6% respectively [2] - The net profit attributable to the parent company is projected to be 1.418 billion yuan in 2024, 1.550 billion yuan in 2025, and 1.706 billion yuan in 2026, with growth rates of 6.1%, 9.3%, and 10.0% respectively [2]

Investment Rating - The report maintains a "Strong Buy" rating for Chongqing Beer (600132) with a target price of 67 CNY, compared to the current price of 58.85 CNY [1]. Core Views - Short-term operations are under pressure, but high dividends provide a safety net. The company is expected to see stable growth in the coming year as demand improves [1][4]. - The report highlights a decline in beer sales by 5.6% to 873,000 kiloliters, with a decrease in ton price by 1.6% to 4,813 CNY, indicating both volume and price pressures [1][4]. - The company is focusing on enhancing its non-current drinking channels and improving operational capabilities to adapt to market conditions [1]. Financial Performance Summary - For the first three quarters of 2024, the company achieved total revenue of 13.063 billion CNY, a slight increase of 0.3% year-on-year, while net profit attributable to shareholders decreased by 1.61% to 1.332 billion CNY [1][4]. - In Q3 alone, the company reported a net profit of 431 million CNY, down 0.9% year-on-year [1]. - The report projects a slight decline in earnings per share (EPS) for 2024 to 2.85 CNY, with expected dividend yields around 4.6% [1][4]. Market and Product Insights - The report notes that high-end product performance has been lackluster, with a significant impact from high base comparisons from the previous year [1]. - The company is expected to benefit from a recovery in the restaurant and nightlife sectors, which could enhance sales in the future [1][4]. - The report emphasizes the importance of brand positioning in the high-end price segment, despite current sales pressures [1].

Financial Performance - The company's revenue for Q3 2024 was CNY 4,202,308,225, a decrease of 7.11% compared to the same period last year[2] - Net profit attributable to shareholders for Q3 2024 was CNY 430,678,422, down 10.10% year-on-year[2] - The basic earnings per share for Q3 2024 was CNY 0.89, reflecting a decrease of 10.10% compared to the previous year[3] - Total operating revenue for the first three quarters of 2024 reached CNY 13,062,996,755.34, a slight increase from CNY 13,028,681,199.38 in the same period of 2023[18] - Net profit attributable to shareholders decreased to CNY 1,391,156,098.66 from CNY 1,414,306,729.77 year-over-year[16] - The net profit for the third quarter of 2024 was CNY 2,666,605,303.42, a decrease of 1.57% compared to CNY 2,708,970,499.30 in the same period of 2023[19] - The total profit for the third quarter was CNY 3,314,393,154.03, down from CNY 3,368,707,128.47 in the previous year, reflecting a decline of 1.61%[19] - The operating profit for the third quarter was CNY 3,303,912,607.41, slightly lower than CNY 3,366,900,914.81 in the same quarter of 2023, indicating a decrease of 1.87%[19] Sales and Market Performance - For the first nine months of 2024, beer sales reached 2.657 million kiloliters, a slight increase of 0.20% from 2.6517 million kiloliters in the same period last year[5] - The revenue from high-end products for the first nine months of 2024 was CNY 7,625,256,387.01, a decrease of 1.24% year-on-year[5] - The revenue from the southern region for the first nine months of 2024 was CNY 3,685,453,865.85, an increase of 1.13% compared to the previous year[7] Assets and Liabilities - The total assets as of the end of Q3 2024 were CNY 13,150,720,231.50, an increase of 6.17% from the end of the previous year[3] - Total assets increased to CNY 13,150,720,231.50 from CNY 12,386,911,593.95[16] - Total liabilities rose to CNY 8,789,741,504.37, compared to CNY 8,734,763,046.02 in the previous year[16] - Non-current assets totaled CNY 7,396,294,665.09, up from CNY 6,922,305,358.95[16] - Current liabilities increased to CNY 8,277,793,367.79 from CNY 8,181,739,328.17[16] Cash Flow and Financial Position - The net cash flow from operating activities for the first nine months of 2024 was CNY 3,461,797,517.06, down 6.90% year-on-year[2] - The cash flow from operating activities for the first nine months of 2024 was CNY 14,077,092,808.32, a decrease from CNY 14,185,593,285.74 in the same period of 2023[22] - The company reported a cash and cash equivalents balance of CNY 3,227,496,333.84 at the end of the third quarter, compared to CNY 4,877,754,300.00 at the end of the same period in 2023[23] - Cash and cash equivalents reached CNY 3.24 billion, up from CNY 2.71 billion, indicating a significant increase of approximately 19.4%[14] Shareholder Information - The top shareholder, Carlsberg Brewery Hong Kong Limited, holds 42.54% of the shares, while Carlsberg Chongqing Limited holds 17.46%[10] - The company has not reported any significant changes in the top ten shareholders or their shareholding status during the reporting period[12] Operational Changes - The company added 176 new distributors and reduced 164, resulting in a total of 3,000 distributors by the end of the reporting period[7] - The company reported a significant increase in accounts receivable, which rose to CNY 156.02 million from CNY 64.63 million, marking an increase of approximately 141.5%[14] Research and Development - Research and development expenses rose to CNY 16,013,138.98, compared to CNY 13,349,414.97 in the previous year[18] Strategic Outlook - The report indicates no significant new strategies or product developments mentioned for the upcoming quarters[13] - The company has not disclosed any plans for market expansion or mergers and acquisitions in the near future[13]

证券代码：600132 证券简称：重庆啤酒 公告编号：临 2024-026 重庆啤酒股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 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： ● 投资者可于 2024 年 10 月 24 日（星期四）至 10 月 30 日（星期三）16:00 前登录上 证路演中心网站首页点击 " 提 问 预 征 集 " 栏 目 或 通 过 公 司 董 事 会 办 公 室 邮 箱 CBCSMIR@carlsberg.asia进行提问。公司将在说明会上对投资者普遍关注的问题进行回答。 一、说明会类型 本次投资者说明会以视频结合网络互动召开，公司将针对 2024 年第三季度经营成果 及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范围内就投资者 普遍关注的问题进行回答。 重庆啤酒股份有限公司（以下简称"公司"）将于 2024 年 10 月 31 日发布公司 2024 年 第三季度报告，为便于广大投资者更全面深入地了解公司 2024 年第三季度经营成果、财务 状 ...

证券代码：600132 证券简称：重庆啤酒 公告编号：临 2024-025 重庆啤酒股份有限公司 关于公司涉及诉讼公告 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 重要内容提示： 1. 案件所处的诉讼阶段：重庆市大渡口区人民法院（以下简称"大渡口区 法院"）已受理，定于2024年10月10日开庭审理。 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"）为本案被告。 3. 涉案的金额：原告重庆嘉威啤酒有限公司（以下简称"重庆嘉威"或"原 告"）诉被告合同纠纷，诉讼请求金额暂计人民币30,580,015.32元及诉讼费用。 4. 是否对上市公司损益产生负面影响：公司预计本次公告的诉讼不会对公 司本期及期后利润产生重大不利影响；但鉴于案件尚未开庭审理，公司暂时无法 准确判断具体影响。 5. 公司提请广大投资者仔细阅读本公告披露的风险提示内容，注意投资风 险。 一、诉讼的基本情况 上市公司参股公司重庆嘉威就其与公司的合同纠纷，于2024年8月8日向大渡 口区法院提交《民事起诉状》。上市公司于2 ...