重庆啤酒（600132.SH）2023年年报点评 Q4 盈利承压，24 年积极应对，期待需求景气复苏 2024年03月30日 ➢ 事件：公司发布 2023 年年报。2023 年公司实现营业总收入/归母净利润/ 推荐 维持评级 扣非后归母净利润148.15/13.37/13.14亿元，分别同比+5.53%/5.78%/6.45%； 当前价格： 64.47元 经测算，23Q4公司实现营业总收入17.86亿元，同比-3.76%，实现归母净利润 /扣非后归母净利润-0.07/-0.13亿元，22Q4分别为0.81/0.73亿元。 [Table_Author] ➢ 全年量稳增、价微升，Q4高档销售承压叠加费投恢复，吨价表现承压。2023 年公司销量同比增4.93%至299.75万千升，显著优于行业水平（同期全国规上 企业产量同比增 0.3%），份额持续提升；吨价同比增 0.49%至 4818 元。其中 高档/主流/经济档次产品销量同比+3.98%/+5.97%/3.80%，吨价分别同比 +1.2%/-0.3%/+6.0%。大单品方面，我们判断疆外乌苏、1664对现饮场景依赖 度较高，增速承压；嘉士伯品牌在持续市场拓展及 ...

业绩简评 3 月 29 日，公司公告，2023 年营业收入 148.15 亿元，同比 +5.53%；归母净利 13.37 亿元，同比+5.78%。Q4 营业收入 17.86 亿元，同比-3.76%；归母净利-0.07 亿元（由盈转亏）。 经营分析 23 年销量增速快于行业，中档基本盘稳健，结构疲弱。 23年销量299.75 万吨，同比+4.9%；啤酒吨价+0.5%至 4818 元。 分档次看，高档（8元以上）/主流（4-8元）/经济（4 元以下） 收入同比+5.2%/5.6%/10.1%，其中量+4.0%/6.0%/3.8%，价同比 +1.2%/-0.3%/+6.0%。高档销量占比同比-0.4pct 至 48%、收入占 比-0.2pct 至 61.3%。我们认为，公司 23 年现饮：非现饮 45%： 55%，同比修复但对比之前仍有缺口(21 年 55%：45%)，疆外乌 苏、1664 现饮依赖程度高、经济扰动大，叠加自身渠道改革而下 滑；区域品牌重庆、乐堡、疆内乌苏受益于旅游火爆，嘉士伯表 现亮眼。 分区域看，西北/中/南区 23 年收入同比+1%/3%/14%，23Q4 同比 人民币(元) 成交金额(百万元 ...

食品饮料 公 2024年03月31日 司 报 重庆啤酒(600132.SH) 告 加速扬帆，高端化和全国化稳步推进 推荐 ( 维持 ) 事项： 公司发布2023年报，全年实现营收148.15亿元，同比增长5.53%；归母净利润 股价:64.47元 13.37亿元，同比增长5.78%。其中2023Q4实现营收17.86亿元，同比减少 公 主要数据 3.76%；归母净利润-0.07亿元，2022Q4同期盈利0.81亿元，同比转亏。拟每 行业 食品饮料 司 股分配现金红利2.80元（含税）。 ...

[Table_Main] 证券研究报告 | 公司点评 重庆啤酒(600132.SH) 2024年03月31日 重庆啤酒（600132.SH）：Q4 业 买入（维持） 所属行业：食品饮料/非白酒 绩略低预期，高分红提振信心 当前价格(元)：64.47 证券分析师 投资要点 熊鹏 资格编号：S0120522120002 事件：公司发布2023年年度报告。2023年公司实现营业收入148.15亿元，同比  邮箱：xiongpeng＠tebon.com.cn +5.53%；归母净利润13.37亿元，同比+5.78%；扣非归母净利润13.14亿元，同 韦香怡 比+6.45%。其中，2023Q4实现营业收入17.86亿元，同比-3.76%；归母净利润 资格编号：S0120522080002 -0.07 亿元，同比-109.23%（22Q4 为 0.81 亿元）；扣非归母净利润-0.13 亿元， 邮箱：weixy＠tebon.com.cn 同比-117.73%（22Q4为0.73亿元）。 研究助理 高端化节奏略有放缓，销量增长为主要业绩贡献。（1）2023年全年公司量价齐升  趋势不改，但内部结构略有分化。整体来看，2 ...

2024年4月1日 公司研究 高分红标的，建议关注渠道战略转型进展 ——重庆啤酒（600132.SH）2023 年年报点评 买入（维持） 要点 当前价：64.47元 事件：重庆啤酒发布2023年年报。23年实现营业收入148.1亿元，同比+5.5%； 作者 归母净利润13.4亿元，同比+5.8%；扣非归母净利润13.1亿元，同比+6.5%。 分析师：陈彦彤 其中，23Q4实现营业收入17.9亿元，同比-3.8%；归母净利润-0.1亿元，同比由 执业证书编号：S0930518070002 盈转亏；扣非归母净利润-0.1亿元，同比由盈转亏。 021-52523689 吨价提升略有放缓，“大城市计划”带动南区实现较快增长。 chenyt@ebscn.com 分析师：汪航宇 2023年公司实现啤酒销量299.75万千升，较2022年增长4.93%；ASP同比+0.5%。 执业证书编号：S0930523070002 1）按产品档次划分：高档/主流/经济档次的产品销量143.75/146.16/9.84万千升， 021-52523174 wanghangyu@ebscn.com yoy+3.98%/+5.97%/+3.8 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a revenue of 14.815 billion yuan in 2023, an increase of 5.53% year-on-year, and a net profit attributable to shareholders of 1.337 billion yuan, up 5.78% year-on-year [2] - The company plans to distribute a dividend of 2.8 yuan per 10 shares, translating to a dividend yield of approximately 4.3%, which supports the stock price [2] - The company is expected to experience stable growth in sales volume, with a year-on-year increase of 4.93% in beer sales volume in 2023 [2] - The average price per ton of beer in 2023 was 4,942.40 yuan per thousand liters, reflecting a year-on-year increase of 0.57% [2] - Short-term profit forecasts have been adjusted downwards due to external economic pressures, with expected EPS for 2024 and 2025 at 2.98 yuan and 3.30 yuan, respectively [2] Summary by Sections Financial Performance - The company achieved a gross margin of 49.15% for the entire year of 2023, a decrease of 1.33 percentage points year-on-year [2] - The sales expense ratio for 2023 was 17.10%, an increase of 0.53 percentage points year-on-year, while the management expense ratio was 3.34%, a decrease of 0.47 percentage points [2] - The company’s total market capitalization is 31.2 billion yuan, with a current stock price of 64.47 yuan [2] Revenue Breakdown - In 2023, the revenue from high-end beer (priced at 8 yuan and above) was 8.855 billion yuan, up 5.18% year-on-year; mainstream beer (priced between 4-8 yuan) generated 5.297 billion yuan, up 5.64%; and economy beer (priced below 4 yuan) brought in 290 million yuan, up 10.06% [2] - Revenue from different regions showed that the southern region generated 4.334 billion yuan, up 13.74%, while the central region had 6.084 billion yuan, up 3.01%, and the northwest region had 4.023 billion yuan, up 1.10% [2] Profit Forecasts - The company’s projected revenue for 2024 is 15.731 billion yuan, with a growth rate of 6.2%, and for 2025, it is expected to reach 16.597 billion yuan, with a growth rate of 5.5% [3] - The net profit attributable to shareholders is forecasted to be 1.440 billion yuan in 2024, reflecting a growth rate of 7.7%, and 1.599 billion yuan in 2025, with an 11.0% growth rate [3] - The diluted EPS is expected to be 2.98 yuan in 2024 and 3.30 yuan in 2025, with corresponding P/E ratios of 21.7 and 19.5 times [2][3]

Investment Rating - The investment rating for the company is maintained as "Buy" [5]. Core Views - The company reported a total revenue of 14.815 billion RMB in 2023, representing a year-on-year growth of 5.53%, with a net profit attributable to shareholders of 1.337 billion RMB, up 5.78% year-on-year. The Q4 2023 revenue was 1.786 billion RMB, down 3.76% year-on-year [5]. - The company has a high dividend payout policy, distributing 28 RMB per 10 shares, resulting in a dividend payout ratio of 101.39% for 2023. The forecasted dividend yield for 2024 is 4%, which is attractive compared to the 10-year government bond yield of 2.4% [5]. - The company aims to enhance its product premiumization strategy, leveraging both international high-end brands and strong local brands to drive growth [5]. Summary by Sections Market Data - Closing price as of March 29, 2024, is 64.47 RMB, with a one-year high of 128.5 RMB and a low of 52.53 RMB. The price-to-book ratio is 14.6, and the circulating A-share market value is approximately 31.202 billion RMB [2]. Financial Performance - In 2023, the company achieved a sales volume of 2.9975 million tons, a 4.9% increase year-on-year. The sales volume for high-end, mainstream, and economy products was 1.44 million tons, 1.46 million tons, and 0.1 million tons, respectively [5]. - The overall gross margin for 2023 was 49.15%, a decrease of 1.33 percentage points year-on-year, primarily due to the faster growth in mainstream product sales compared to premium products [5]. Future Outlook - The company is expected to maintain a strong performance in the southern market, especially with the upcoming production from the Foshan factory, which will address capacity shortages [5]. - The forecasted net profit for 2024 is 1.472 billion RMB, with a growth rate of 10%, and the company anticipates a gradual recovery in external demand [6].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The report highlights that mainstream pricing is driving growth, and the production capacity in the southern region is expected to alleviate supply constraints [2] - The company reported a revenue of 17.86 billion in Q4 2023, a decrease of 3.8%, with a net profit attributable to the parent company of -0.07 billion compared to 0.81 billion in the same period last year [2] - For the full year 2023, the company achieved a revenue of 148.15 billion, an increase of 5.5%, and a net profit of 13.37 billion, up by 5.8% [2] - The company declared a dividend of 13.55 billion for 2023, with a payout ratio of 101% [2] Revenue Analysis - The report indicates a slowdown in revenue growth, but international and southern regions showed strong performance [2] - In 2023, the total sales volume reached 3 million tons, an increase of 4.9%, with an average price of 4,818 yuan per ton, up by 0.5% [2] - The revenue breakdown by price segment shows high-end, mainstream, and economy segments generating 8.9 billion, 5.3 billion, and 0.3 billion respectively, with year-on-year growth of 5.2%, 5.6%, and 10.1% [2] - The report notes that the mainstream price segment is the main driver of volume growth, while international brands outperformed local brands [2] Profitability Analysis - The report mentions an increase in costs, with a gross margin of 49.1% in 2023, down by 1.3 percentage points due to a 3.2% rise in ton costs [2] - The net profit margin for 2023 was 9.02%, reflecting a slight increase of 0.02 percentage points year-on-year, despite an increase in sales expenses [2] - The report anticipates continued structural upgrades in 2024, with expectations of stable total costs due to a decrease in barley costs and the production launch of the Foshan factory in Q2 2024 [2] Financial Forecast - The company is projected to achieve revenues of 158 billion, 166 billion, and 176 billion for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 6.4%, 5.3%, and 5.8% [3] - The net profit attributable to the parent company is expected to be 15 billion, 16 billion, and 18 billion for the same years, with growth rates of 11.0%, 10.0%, and 7.5% [3] - The report indicates that the current stock price corresponds to a price-to-earnings ratio of 21, 19, and 18 for the years 2024, 2025, and 2026, suggesting that the valuation is at a historically low level [2][3]

Financial Performance - The company's operating revenue for 2023 reached RMB 14,814,836,410.26, representing a 5.53% increase compared to RMB 14,039,040,539.45 in 2022[22]. - Net profit attributable to shareholders for 2023 was RMB 1,336,597,321.13, up 5.78% from RMB 1,263,619,606.46 in the previous year[22]. - The net profit after deducting non-recurring gains and losses was RMB 1,313,987,214.02, reflecting a 6.45% increase from RMB 1,234,352,860.32 in 2022[22]. - The company's basic earnings per share for 2023 was CNY 2.76, representing a 5.78% increase compared to CNY 2.61 in 2022[23]. - The weighted average return on equity decreased to 67.05% in 2023, down by 2.20 percentage points from 69.25% in 2022[23]. - The gross margin for the beer segment was 49.75%, a decrease of 1.31 percentage points compared to the previous year[44]. - The company's gross profit margin for high-end products was reported at 55.01%, a decrease of 1.57% year-on-year[70]. Cash Flow and Assets - The net cash flow from operating activities decreased by 17.47% to RMB 3,096,948,816.62 from RMB 3,752,648,258.54 in 2022[22]. - The total assets as of the end of 2023 were RMB 12,386,911,593.95, a slight decrease of 0.89% from RMB 12,497,582,459.14 at the end of 2022[22]. - The net cash inflow from operating activities decreased by ¥655,699,400 due to increased tax expenses[55]. - The company's cash flow from operating activities was 3.097 billion RMB, down 17.47% from 3.753 billion RMB in the previous year[42]. - Cash and cash equivalents decreased to RMB 2,712,720,235.65 from RMB 3,397,877,592.02, representing a decline of 20.19%[197]. Dividends and Shareholder Returns - The company plans to distribute a cash dividend of RMB 1,355,119,354.40, which translates to RMB 2.80 per share[4]. - The cash dividend distribution represents 101.39% of the net profit attributable to ordinary shareholders in the consolidated financial statements, which amounts to RMB 1,336,597,321.13[119]. Sales and Market Performance - The company achieved a 4.93% increase in sales volume in 2023, significantly outperforming the industry average growth of 0.3%[30]. - The company reported a total production capacity of 500,000 kiloliters, with an actual capacity of 430,000 kiloliters, indicating a utilization rate of 86%[59]. - The total sales revenue for high-end products reached CNY 8.85 billion, reflecting a year-on-year growth of 5.18%[70]. - The company achieved a significant increase in sales, marking 2023 as the first year of gradual consumption recovery, with a notable rise in revenue per hectoliter[32]. Strategic Initiatives and Innovations - The company is focusing on product high-endization and sales model innovation as part of its strategic initiatives[30]. - The company launched new high-end products, including the Chongqing Craft White Beer, which received positive market feedback[30]. - The company plans to enhance its online sales strategy by integrating e-commerce and O2O operations into a larger marketing department[69]. - The company is expanding its market presence in Asia, targeting a 30% increase in market share by the end of 2024[94]. Environmental and Sustainability Efforts - The company reduced carbon emissions by 2,568 tons in 2023, achieving a 75.58% reduction compared to 2015 baseline data[34]. - The average water consumption in the company’s breweries decreased by 5.8% compared to 2022, reaching 2.11 HL/HL, and a total water savings of over 254,000 tons was achieved[35]. - The company is committed to improving supply chain efficiency and achieving zero carbon emissions in its operations by 2040[85]. - The company achieved a carbon reduction of 2,568.3 tons in 2023, with a 74.1% decrease in carbon emissions per hectoliter of beer brewed compared to 2015[138]. Governance and Compliance - The company received an A-level rating for information disclosure from the Shanghai Stock Exchange for the 2022-2023 period, reflecting its commitment to transparency[90]. - The company has maintained compliance with regulatory requirements, with no penalties from securities regulatory agencies in the past three years[103]. - The company has established effective communication channels with investors, holding 4 regular performance briefings during the reporting period[90]. Legal Matters and Risks - The company is involved in a lawsuit where its subsidiary, Chongqing Jiawei, is claiming RMB 631.68 million in damages from Chongqing Beer Co., Ltd. due to a contract dispute[157]. - The company has a pending lawsuit regarding a claim of RMB 20.85 million for unfulfilled sales expenses, with the court already rejecting the company's jurisdiction objection[157]. - The company has outlined potential risks in its future development discussions, emphasizing the importance of investor awareness regarding investment risks[5].

关于重庆啤酒股份有限公司 非经营性资金占用及其他关联资金往来情况 汇总表的专项审计报告 目 录 1、 专项审计报告 2、 附表 委托单位：重庆啤酒股份有限公司 审计单位：天健会计师事务所（特殊普通合伙） 联系电话：0571-88216888 非经营性资金占用及其他关联资金往来情况的 专项审计说明 天健审〔2024〕8-21 号 重庆啤酒股份有限公司全体股东: 我们接受委托,审计了重庆啤酒股份有限公司(以下简称重庆啤酒公司)2023 年度财务报表,包括2023年12月31日的合并及母公司资产负债表,2023年度 的合并及母公司利润表、合并及母公司现金流量表、合并及母公司所有者权益变 动表,以及财务报表附注,并出具了审计报告。在此基础上,我们审计了后附的 重庆啤酒公司管理层编制的 2023年度《非经营性资金占用及其他关联资金往来 情况汇总表》(以下简称汇总表)。 一、对报告使用者和使用目的的限定 本报告仅供重庆啤酒公司年度报告披露时使用,不得用作任何其他目的。我 们同意将本报告作为重庆啤酒公司年度报告的必备文件,随同其他文件一起报送 并对外披露。 为了更好地理解重庆啤酒公司 2023年度非经营性资金占用及其他关联 ...