公 司 研 证券研究报告 究 ＃＃iinndduussttrryyIIdd＃＃ 啤酒 ＃investSuggestion＃ ＃ ＃d 重yCo 庆mp 啤any＃酒 （ 600132 ） investSug 增持 ( 维ges持tion ）Ch 000009 ＃title＃ Q1 利润略超预期，量价节奏稳健 ange＃ ＃ createTime1＃ 2024年 4月 30 日 投资要点 公 ＃市场ma数rk据et Data＃ ＃ 事s 件um ：ma 重ry 庆＃ 啤酒发布2024年一季报，24Q1实现营收42.93亿元，同比+7.16%， 司 日期 2024-4-29 归母净利润4.52亿元，同比+16.78%，扣非后归母净利润4.46亿元，同比+16.91%。 点 收盘价（元） 68.05 乐堡、重庆稳健增长，疆外乌苏降幅收窄 评 总股本（百万股） 483.97 报 流通股本（百万股） 483.97 24Q1啤酒业务营收41.78亿元，同比+6.59%，其中销量86.68万吨，同比+5.25%， 告 净资产（百万元） 2592.04 销量实现稳健增长，吨价同比+1.28%至 4820 元/吨，结构升级韧性 ...

上 市 公 司 食品饮料 2024 年04月 30 日 重庆啤酒 (600132) 公 司 研 究 ——销量稳健增长 成本优化提升毛利率 公 司 点 报告原因：有业绩公布需要点评 评 买入 投资要点： （维持）  事件：公司发布2024年一季报，根据公司公告，2024Q1公司实现营业总收入42.9亿， 同比增长7.16%；归母净利润4.5亿，同比增长16.78%；扣非归母净利润4.46亿，同比 证 市场数据： 2024年04月29日 增长16.91%。公司业绩符合预期。 券 收盘价（元） 68.05 研 一年内最高/最低（元） 103.88/52.53  投资评级与估值：维持盈利预测，预测2024~2026年公司归母净利润分别为14.72，16.05， 究 市净率 12.7 17.28亿，同比增长10%、9%、8%，当前股价对应23-25年PE为22x、20x、19x，我 报 息率（分红/股价） - 告 流通A股市值（百万元） 32934 们考虑到公司过去保持高分红，根据wind，2021~2023年股利支付率达83%、99.6%， 上证指数/深证成指 3113.04/9673.76 101.39%，假设 ...

华福证券 啤酒 2024年04月29日 公 司 重庆啤酒（600132.SH） 买入（维持评级） 研 究 结构升级持续演绎，高端化标杆不改 当前价格： 68.05元 目标价格： 84.44元 事件：重庆啤酒发布2024年一季度报告，公司24Q1实现营业收入42.93 亿元，同比+7.16%，实现归属于母公司股东的净利润 4.52 亿元，同比 基本数据 +16.78%，实现扣非归母净利润4.46亿元，同比+16.91%。 总股本/流通股本(百万股) 483.97/483.97 流通A股市值(百万元) 32,934.24 每股净资产(元) 5.36 资产负债率(%) 65.10  高端占比持续提升，结构升级稳步推进 一年内最高/最低价(元) 105.43/52.53 一年内股价相对走势 公司在实现全档次营收正增长的同时，结构持续升级亦稳步推进。 公 公司24Q1实现啤酒业务收入41.78亿元，同比+6.59%，量价拆分来看， 司 公司实现销量 86.68 万吨，对比同期增长 5.25%，对应吨酒价格达 财 4819.83元/吨，同比+1.28%，结构升级稳步推进。公司24Q1高端/主 报 流/经济档次的收入分别 ...

收入平稳，利润超预期 重庆啤酒（600132.SH）/饮 证券研究报告/公司点评 2024年4月29日 料制造 [Table_Industry] [评Ta级ble：_T买itle入] （维持） [公Ta司ble盈_F利in预anc测e]及 估值 市场价格：68.05 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 14,039 14,815 15,613 16,387 17,150 分析师：范劲松 增长率yoy% 7% 6% 5% 5% 5% 执业证书编号：S0740517030001 净利润（百万元） 1,264 1,337 1,441 1,566 1,668 电话：021-20315733 增长率yoy% 8% 6% 8% 9% 7% 每股收益（元） 2.61 2.76 2.98 3.24 3.45 Email：fanjs@zts.com.cn 每股现金流量 7.75 6.40 6.94 7.52 7.91 分析师：熊欣慰 净资产收益率 35% 37% 27% 22% 18% 执业证书编号：S0740519080002 P/E 26.1 24.6 22.9 21.0 ...

2024 年 4 月 30 日 公司研究 高档收入提速，利润超市场预期 ——重庆啤酒（600132.SH）2024 年一季度业绩点评 事件：重庆啤酒 24Q1 实现营业收入 42.9 亿元，同比+7.2%；归母净利润 4.5 亿元，同比+16.8%；扣非归母净利润 4.5 亿元，同比+16.9%，利润超市场预期。 量价提升，经济产品内部结构升级顺利。2024Q1 公司实现啤酒收入 41.78 亿元， yoy+6.6%；其中销量为 86.68 万千升，yoy+5.2%；吨酒价为 4820 元/千升， 同比+1.3%，量价齐升推动收入快速增长。1）分产品档次看：高档/主流/经济 产品当期营收分别为 25.72/15.20/0.86 亿元，yoy+8.28%/+3.57%/+12.39%。 其中经济类啤酒内部结构升级较快，其销量同比+1.69%，对应吨酒价同比 +10.52%。2）分区域看：2024Q1 西北区/中区/南区分别实现营收 11.60/18.09 /12.09 亿元，yoy+3.23% /+7.05%/+9.32%，大城市计划推进下，南区收入增速 高于平均水平。截至 2024 年 3 月末，公司共有 2 ...

Investment Rating - The report maintains a "Strong Buy" rating for Chongqing Beer (600132) with a target price of 77 CNY [1]. Core Views - The company's Q1 2024 performance exceeded expectations, with total revenue reaching 4.29 billion CNY, a year-on-year increase of 7.2%, and net profit attributable to shareholders of 450 million CNY, up 16.8% year-on-year [1]. - The company is experiencing a steady upgrade in product structure, with beer sales volume reaching 867,000 kiloliters, a growth of 5.25% year-on-year, outperforming the industry [1]. - Cost optimization and scale effects have significantly improved gross margins, leading to a net profit margin increase of 1.6 percentage points to 20.9% [1]. Summary by Sections Financial Performance - In Q1 2024, Chongqing Beer achieved total revenue of 4.29 billion CNY, a 7.2% increase year-on-year, and a net profit of 450 million CNY, reflecting a 16.8% growth [1]. - The company’s gross margin improved to 47.9%, up 2.7 percentage points year-on-year, due to reduced costs of barley and packaging materials [1]. - The sales net profit margin and net profit attributable to shareholders both increased, with net profit reaching approximately 450 million CNY, exceeding market expectations [1]. Product and Market Strategy - The company is focusing on high-end product development, with a balanced portfolio that includes new offerings such as 1L Uusu craft beer and 468ml classic Uusu [1]. - The company plans to enhance its marketing efforts for high-end products like Carlsberg, especially in conjunction with sports events [1]. - The overall product structure is improving, with high-end and mainstream products contributing significantly to revenue growth [1]. Future Outlook - The company expects stable growth for the full year, despite anticipated depreciation costs starting in Q2 2024 due to new factory operations [1]. - The long-term outlook remains positive, with projected EPS of 2.98 CNY, 3.21 CNY, and 3.43 CNY for 2024, 2025, and 2026 respectively, corresponding to P/E ratios of 23, 21, and 20 [2][1]. - The company maintains a strong cash flow and offers a notable dividend yield of 4.1%, which is attractive within the beer industry [1].

Investment Rating - The report maintains a "Buy" investment rating for Chongqing Beer [3][8] Core Views - The company has shown strong performance in Q1 2024, with revenue of 4.293 billion yuan, a year-on-year increase of 7.16%, and a net profit of 452 million yuan, up 16.78% [6] - The gross margin improved to 47.90%, reflecting effective cost control measures [6] - The high-end beer segment continues to grow rapidly, contributing to ongoing structural upgrades within the company [7] Summary by Sections Financial Performance - In Q1 2024, Chongqing Beer achieved a beer sales volume of 866,800 kiloliters, an increase of 5.25% year-on-year [6] - The company's sales expense ratio was 13.13%, and the management expense ratio was 3.13%, indicating effective expense management [6] Product Segmentation - High-end beer (priced at 8 yuan and above) generated revenue of 2.572 billion yuan, up 8.28% [7] - Mainstream beer (priced between 4-8 yuan) revenue reached 1.520 billion yuan, a 3.57% increase [7] - Economic beer (priced below 4 yuan) saw revenue of 86 million yuan, growing by 12.39% [7] Regional Performance - Revenue from the southern region was 1.209 billion yuan, up 9.32% [7] - The central region contributed 1.809 billion yuan, a 7.05% increase [7] - The northwest region reported revenue of 1.160 billion yuan, growing by 3.23% [7] Earnings Forecast - The report projects EPS for 2024, 2025, and 2026 to be 2.98 yuan, 3.30 yuan, and 3.60 yuan respectively, with corresponding PE ratios of 23, 21, and 19 times [8] - The company is expected to maintain a robust growth trajectory, supported by its strategic initiatives [8]

Financial Performance - The company achieved operating revenue of RMB 4,292,542,727.03, representing a year-on-year increase of 7.16%[4] - Net profit attributable to shareholders reached RMB 451,938,986.11, up 16.78% compared to the same period last year[4] - The net cash flow from operating activities was RMB 1,080,755,377.22, reflecting a significant increase of 26.76%[4] - High-end product revenue was RMB 2,571,724,307.81, an increase of 8.28% year-on-year, accounting for 61.56% of total revenue[9] - The company reported a weighted average return on equity of 19.10%, an increase of 1.90 percentage points[4] - The net profit excluding non-recurring gains and losses was RMB 445,935,567.05, up 16.91% from the previous year[4] - Total operating revenue for Q1 2024 reached ¥4,292,542,727.03, an increase of 7.16% compared to ¥4,005,811,752.65 in Q1 2023[23] - Net profit for Q1 2024 was ¥898,958,562.46, representing a 15.99% increase from ¥774,760,005.90 in Q1 2023[24] - The company reported a total profit of ¥1,106,419,788.55 for Q1 2024, up from ¥949,466,953.96 in Q1 2023, reflecting a growth of 16.54%[24] - The total comprehensive income for Q1 2024 was ¥894,148,709.19, compared to ¥775,871,474.25 in Q1 2023, an increase of 15.25%[24] Assets and Liabilities - The total assets at the end of the reporting period were RMB 13,032,283,189.31, a 5.21% increase from the end of the previous year[5] - The equity attributable to shareholders rose to RMB 2,592,041,432.60, marking a 21.11% increase year-on-year[5] - The company's total liabilities decreased to ¥8,483,605,290.19 in Q1 2024 from ¥8,734,763,046.02 in Q1 2023, a reduction of 2.87%[22] - The company's total liabilities of the company were reported at ¥8.93 billion, compared to ¥8.48 billion at the end of the previous year, marking an increase of approximately 5.3%[21] - The company's accounts payable increased to ¥2.80 billion from ¥2.61 billion, reflecting a rise of about 7.3%[21] Cash Flow - The company's cash and cash equivalents amounted to ¥2.95 billion, up from ¥2.71 billion in the previous period, indicating a growth of approximately 8.6%[20] - The company's inventory decreased to ¥1.79 billion from ¥2.10 billion, representing a reduction of about 14.8%[20] - The company experienced cash outflows from investing activities totaling CNY 851.07 million in Q1 2024, compared to CNY 176.00 million in Q1 2023, indicating a significant increase in investment activities[28] - The net cash flow from investing activities was negative CNY 848.99 million in Q1 2024, worsening from negative CNY 175.94 million in Q1 2023[28] - Cash and cash equivalents at the end of Q1 2024 stood at CNY 2.92 billion, down from CNY 4.07 billion at the end of Q1 2023, representing a decrease of 28.19%[28] - The total cash outflows from operating activities in Q1 2024 were CNY 3.05 billion, an increase from CNY 2.97 billion in Q1 2023, reflecting a rise of 2.93%[27] Distributors and Sales - The company added 199 new distributors but reduced the total number by 100, ending with 2,969 distributors[13] - Beer sales volume increased to 866,800 hectoliters, a growth of 5.25% from 823,600 hectoliters in the previous year[8] Research and Development - Research and development expenses rose significantly to ¥4,702,443.79 in Q1 2024, compared to ¥1,410,077.93 in Q1 2023, an increase of 233.33%[23] Shareholder Equity - Shareholders' equity increased to ¥4,548,677,899.12 in Q1 2024, up from ¥3,652,148,547.93 in Q1 2023, marking a growth of 24.58%[22] - The capital reserve increased to ¥18,403,177.00 in Q1 2024 from ¥16,022,535.00 in Q1 2023, a rise of 14.85%[22]

重要内容提示： 证券代码：600132 证券简称：重庆啤酒 公告编号：临 2024-013 重庆啤酒股份有限公司 关于召开 2024 年第一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。 ● 投资者可于 2024 年 4 月 23 日（星期二）至 4 月 29 日（星期一）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。 重庆啤酒股份有限公司（以下简称"公司"）将于 2024 年 4 月 30 日发布公司 2024 年 年第一季度报告，为便于广大投资者更全面深入地了解公司 2024 年第一季度经营成果、 财务状况，公司计划于 2024 年 4 月 30 日上午 9:00-10:00 举行 2024 年第一季度业绩说明 会，就投资者关心的问题进行交流。 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 20 ...

2024年04月10日 公司研究●证券研究报告 重庆啤酒（ ） 公司快报 600132.SH 食品饮料 | 啤酒Ⅲ 主流价位贡献量增，高分红政策延续 投资评级 买入-B(首次) 股价(2024-04-09) 67.14元 事件： 公司发布2023年年报，2023全年公司实现营业收入148.15亿元，同比+5.53%，实 交易数据 现归母净利润13.37亿元，同比+5.78%，实现扣非归母净利润13.14亿元，同比 总市值（百万元） 32,493.83 +6.45%。单季度来看，23Q4公司实现营业收入17.86亿元，同比-3.76%，实现归母 流通市值（百万元） 32,493.83 净利润-0.07亿元，同比-109.23%，实现扣非归母净利润-0.13亿元，同比-117.73%。 总股本（百万股） 483.97 23年公司每股拟派发现金红利2.80元（含税），年度分红比例同比提升1.8pct至 流通股本（百万股） 483.97 101.4%，高分红政策延续。 12个月价格区间 120.30/55.30 一年股价表现 24年目标：2024年公司计划实现营收中到高个位数增长。 投资要点 收入分析：主流品牌贡献 ...