Core Viewpoint - The beer industry is experiencing a decline in sales volume, but there is a positive trend in cost optimization, particularly due to falling raw material prices and a shift towards high-end products. Group 1: Company Performance - Chongqing Beer reported a revenue of 14.645 billion yuan and a net profit of 1.222 billion yuan for 2024, with sales volume reaching 2.9749 million kiloliters [1] - High-end product sales for Chongqing Beer increased by 1.37% year-on-year, accounting for nearly 49% of total sales [1] - The proportion of canned products in Chongqing Beer’s sales rose to 26%, an increase of 3.5 percentage points [1] Group 2: Cost Optimization - Major beer companies, including China Resources Beer, Budweiser APAC, Qingdao Beer, and Chongqing Beer, have all seen reductions in operating costs [2] - Qingdao Beer’s operating costs decreased by 7.72%, while Chongqing Beer’s operating costs saw a slight reduction of 0.03% [2] - The decline in costs is attributed to lower prices for barley, packaging materials, and effective cost control measures [2][4] Group 3: Raw Material Trends - The price of imported barley in China is expected to decline by approximately 20% compared to 2023, with a 10% decrease anticipated by the end of 2024 [7] - Glass prices in China are at a relative low over the past three years, and the average market price for corrugated paper has also seen a decline [8] - The overall trend of decreasing raw material costs is expected to continue into 2025, benefiting the beer industry [8]

Investment Rating - The report maintains a "Strong Buy" rating for Chongqing Beer (600132) with a target price of 67 CNY [1][7] Core Views - The company reported a total revenue of 14.645 billion CNY for 2024, a decrease of 1.1% year-on-year, and a net profit attributable to shareholders of 1.114 billion CNY, down 16.6% year-on-year [1][3] - The company has a high dividend payout, with a total cash dividend of 1.16 billion CNY, resulting in a dividend rate of 104.21% and a dividend yield of 4.0% [1][7] - The report highlights that despite a challenging operating environment, the company is expected to maintain stable operations and high dividend levels in 2025 [7] Financial Summary - **2024 Financial Performance**: - Total revenue: 14.645 billion CNY - Net profit: 1.114 billion CNY - Earnings per share (EPS): 2.30 CNY - Price-to-earnings (P/E) ratio: 26 [3][12] - **Future Projections**: - 2025E total revenue: 14.830 billion CNY, with a growth rate of 1.3% - 2025E net profit: 1.270 billion CNY, with a growth rate of 13.9% - 2026E net profit: 1.309 billion CNY, with a growth rate of 3.1% [3][12] - **Key Financial Ratios**: - Return on equity (ROE): 94.0% for 2024 - Debt-to-equity ratio: 33.6% for 2024 - Asset-liability ratio: 77.6% for 2024 [4][12] Market Performance - The report notes that the company's sales volume and price per ton in Q4 2024 decreased by 8% and 3.7% respectively, attributed to weak demand and inventory reduction efforts [7][8] - The overall gross margin for the year decreased by 0.6 percentage points to 48.6% [7][8] Strategic Outlook - The company is focusing on enhancing its non-alcoholic beverage segment and improving product strength and brand power to adapt to changing consumer preferences [7] - The report anticipates a recovery in demand in 2025, which may lead to improved operational performance [7]

证券研究报告 重庆啤酒 (600132 CH) 诉讼影响利润，期待 25 年平稳修复 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 03 日│中国内地 | 食品饮料 | 2024 年 营 收 /归母净利 /扣 非 归 母 净 利 146.4/11.1/12.2 亿 元 ， 同 比 -1.1%/-16.6%/-7.0%，低于前次业绩快报（预计归母净利 12.5 亿元），主要 系公司包销诉讼影响归母净利 1.3 亿元；对应 24Q4 营收 15.8 亿元，同比 -11.5%，归母净利/扣非归母净利-2.2/-0.8 亿（23Q4 为-0.07/-0.13 亿），亏 损增加。收入端，24 年公司啤酒销量/吨价同比-0.8%/-1.1%，销量承压受 高基数/需求偏弱影响，我们判断疆外乌苏、1664 等 10 元以上价位带产品 受餐饮需求不振等因素影响销量下滑，导致吨价亦有压力；盈利端，大麦及 包材成本下行，但佛山工厂投产折旧对冲成本红利，叠加西部大开发优惠税 收政策调整影响，导致全年盈利能力承压。展望 25 年，公司量价预期平稳， 期待顺 ...

公 司 报 告 食品饮料 2025年04月03日 重庆啤酒(600132.SH) 短期业绩承压，期待后续改善 推荐 ( 维持) 相关研究报告 【平安证券】重庆啤酒（600132.SH）*季报点评*需 求端承压，静待结构改善*推荐20241031 【平安证券】重庆啤酒（600132.SH）*半年报点评* 直面外部扰动，展现经营韧性*推荐20240815 证券分析师 事项： 重庆啤酒发布2024年年报，2024年实现营收146.4亿元，同比-1.1%，归母净 利11.1亿元，同比-16.6%，收入符合快报，利润低于快报（2024年收入146.4 亿元，归母净利12.5亿元）；4Q24实现营收15.8亿元，同比-11.5%，归母净 利-2.2亿元，去年同期亏损0.1亿元。 平安观点： 司 年 报 点 评 股价:59.4元 行情走势图 证 券 研 究 报 告 张晋溢 投资咨询资格编号 S1060521030001 ZHANGJINYI112@pingan.com.cn 王萌 投资咨询资格编号 S1060522030001 WANGMENG917@pingan.com.cn 王星云 投资咨询资格编号 S10605231 ...

Core Viewpoint - The company plans to distribute a cash dividend of 0.90 yuan per share for the 2024 fiscal year, totaling approximately 435.57 million yuan, which represents 104.21% of the net profit attributable to shareholders for the year [1][66]. Company Overview - The main business of the company is the manufacturing and sales of beer products, with a focus on regional management and a supply chain strategy that emphasizes centralized procurement and production based on sales [2]. Financial Data and Indicators - In 2024, the company achieved beer sales of 2.9749 million kiloliters and revenue of 14.645 billion yuan, with an operating profit of 3.185 billion yuan [19][41]. Market and Sales Analysis - The company has implemented various marketing strategies, including collaborations with sports teams and cultural events, to enhance brand visibility and sales [4][5][6][8]. - The non-current drinking channel has seen growth through the introduction of new packaging and products, while traditional channels remain stable [8][9]. Supply Chain and Production - The company has optimized its supply network, with a new brewery in Foshan that significantly reduces supply time and logistics costs [10]. - The company has received numerous awards for product quality, with 15 products recognized in international competitions [10]. ESG Initiatives - The company has made significant progress in its ESG initiatives, achieving an upgrade in its MSCI ESG rating from A to AA, and has been recognized as a model for sustainable development [11][12]. - The company aims for net-zero emissions across its value chain by 2040 and has implemented various sustainability practices, including the use of green electricity and local sourcing of materials [12][35]. Future Development Strategy - The company is focused on high-quality development and plans to enhance its product mix and expand in growth markets as part of its "Sail Fast" strategy [25][26]. - The company anticipates a cautious but optimistic outlook for the beer industry in 2025, with plans to continue optimizing its product structure and sales models [24][25].

每经记者 谢振宇 每经编辑 叶峰 丨2025年4月3日 星期四丨 NO.2 会稽山股价涨停，黄酒股连续上涨 NO.1 贵州茅台2024年营业总收入1741亿元，重庆啤酒营收净利双下滑 4月2日晚，贵州茅台、重庆啤酒纷纷披露2024年报。其中，贵州茅台营业总收入1741.44亿元，同比增 长15.66%；实现归属母公司的净利润862.28亿元，同比增长15.38%。其中，茅台酒在高基数上依旧保持 了稳健增长，实现营收1459.28亿元，同比增长15.28%，毛利率94.06%。 重庆啤酒2024年营收约为146.45亿元，相比上年同期下滑1.15%；归属于上市公司股东的净利润约为 11.15亿元，同比下滑16.61%。公司全年啤酒销量达297.49万千升，上年同期实现啤酒销量299.75万千 升。 点评：贵州茅台最新财报显示其在高端白酒市场的强劲表现。茅台酒依旧保持稳健增长，系列酒销量和 收入也显著提升，进一步巩固了市场地位。重庆啤酒财报显示，公司在品牌推广和渠道拓展方面取得了 一定进展。总体来看，贵州茅台的强劲表现将继续引领高端白酒市场，而重庆啤酒需在高端化战略上寻 求突破，以应对市场竞争和盈利压力。 点评： ...

每经记者 温梦华 每经编辑 彭水萍 4月2日晚，重庆啤酒交出了一份营收净利"双降"的"成绩单"，同时还一口气发布了20多条公告。 财报显示，2024年重庆啤酒营收约为146.45亿元，相比上年同期下滑1.15%；归属于上市公司股东的净利润约为11.15亿元，同比下滑16.61%；归属于上市公 司股东的扣除非经常性损益的净利润则约为12.22亿元，同比下滑7.03%。 对于此次利润的下滑，重庆啤酒在财报中表示主要由于"非主营业务"，即此前因与重庆嘉威啤酒的合同纠纷，导致重庆啤酒的子公司计提预计负债约2.54亿 元。 《每日经济新闻·将进酒》记者梳理往年数据发现，近几年来，重庆啤酒在营收增速上，整体呈现波动式下滑；而公司净利润增速在2021年、2022年保持了 超8%后，增速也有所下滑。 本地品牌增长不及国际品牌 4元以下产品却更受消费者青睐 过去一年，啤酒究竟好不好卖？ 国家统计局数据显示，2024年中国规模以上企业累计啤酒产量3521.3万千升，同比下降0.6%。重庆啤酒方面，2024年公司全年啤酒销量达297.49万千升，上 年同期实现啤酒销量299.75万千升，销量略微下滑。 记者梳理往年数据，2020年 ...

Group 1: Company Announcements - WuXi AppTec announced the sale of 50.8 million shares of WuXi AppTec Holdings through block trading, with a transaction amount of approximately HKD 2.178 billion, resulting in an investment gain of about RMB 1.847 billion, which accounts for over 10% of the company's latest audited net profit attributable to shareholders [1] - Jinlongyu plans to invest RMB 1.2 billion to construct a production line for key materials for solid-state batteries in Huizhou New Materials Industrial Park [2] - Dazhu CNC is conducting preliminary research on the issuance of overseas securities (H shares) and listing [3] - Anyuan Coal Industry plans to acquire 57% of Jinhui Magnetic Separation and simultaneously divest its coal business, which is expected to constitute a major asset restructuring [4] - Yuntian Lifa announced that its subsidiary has completed the delivery and acceptance of AI training and inference computing power services, positively impacting the company's operational performance [5] - AVIC Industry plans to voluntarily withdraw its A-share listing and will be suspended from trading starting April 3, 2025 [6] Group 2: Financial Performance - Naipu Mining reported a 45.46% year-on-year increase in net profit for 2024 and plans to distribute a cash dividend of RMB 0.7 per 10 shares [7] - New Hope expects a profit of RMB 430 million to RMB 500 million in the first quarter, marking a turnaround from losses [7] - Jinbei Automobile reported a net profit of RMB 382 million for 2024, a year-on-year increase of 214.06% [7] - Hailu Heavy Industry anticipates a year-on-year net profit increase of 50% to 65% for the first quarter of 2025 [8] Group 3: Major Transactions and Investments - Baiyin Nonferrous Metals completed the acquisition of a mining company's equity, increasing its copper metal resources to approximately 930,000 tons [9] - Ningbo Port expects to complete a container throughput of 12.11 million TEUs in the first quarter, a year-on-year increase of 10.9% [11] - Huafeng Communication reported a year-on-year net profit increase of 38.38% for 2024 [11] - Kid King anticipates a year-on-year net profit increase of 72.44% for 2024 and plans to distribute a cash dividend of RMB 0.5 per 10 shares [11]

Group 1 - The core viewpoint of the news is that Chongqing Brewery has announced its profit distribution plan for 2024, proposing a cash dividend of 0.90 yuan per share, totaling 4.36 billion yuan, despite having a year-end undistributed profit of 9.96 billion yuan [1] - The total cash dividend for the year, including interim distributions, amounts to 11.62 billion yuan, which represents 104.21% of the net profit attributable to shareholders and 116.67% of the undistributed profits [1] - In 2024, Chongqing Brewery achieved an operating income of 146.45 billion yuan and a net profit of 12.22 billion yuan, with a beer business gross margin of 49.71% [1] Group 2 - The company reported a beer sales volume of 2.9749 million kiloliters in 2024, demonstrating a strong performance in the industry [1] - The sales volume of high-end products (priced at 8 yuan and above) reached 1.4572 million kiloliters, a year-on-year increase of 1.37%, accounting for 48.9% of total sales [1] - The company is focusing on non-dining channels, with the proportion of canned products increasing to 26%, up by 3.5 percentage points from 2023 [1] Group 3 - Chongqing Brewery has a strong brand portfolio that includes both local brands such as "Chongqing," "Wusu," and "Dali," as well as international brands like "Carlsberg" and "Brooklyn" [2] - In 2024, the company is implementing the "Jiasu Yangfan" strategy to adapt to external environmental changes, focusing on innovation in products, marketing, and research and development [2] - The company aims to optimize its product structure and enhance supply chain efficiency to achieve high-quality development [2]

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