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 ...

食品饮料 分析师：刘冉 登记编码：S0730516010001 liuran@ccnew.com 021-50586281 量价基本持稳，主流产品增长放缓 ——重庆啤酒(600132)中报点评 发布日期：2024 年 09 月 05 日 投资要点： 证券研究报告-中报点评 增持(首次) | --- | --- | |---------------------------------------|---------------------| | 市场数据 (2024-09-03) \n收盘价 ( 元 ) | 54.46 | | 一年内最高 / 最低 ( 元 ) | 91.79/53.16 | | 沪深 300 指数 | 3,273.43 | | 市净率 ( 倍 ) | 15.48 | | 流通市值 ( 亿元 ) | 263.57 | | 基础数据 (2024-06-30) | | | 每股净资产 ( 元 ) | 3.52 | | 每股经营现金流 ( 元 ) | 5.28 | | 毛利率 (%) | 49.22 | | 净资产收益率 _ 摊薄 (%) | 52.92 | | 资产负债率 (%) | 69.13 | ...

证券代码：600132 证券简称：重庆啤酒 公告编号：2024-024 重庆啤酒股份有限公司 2024 年第二次临时股东大会决议公告 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法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 868 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 324,437,393 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 67.0365 | | 份总数的比例（%） | | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议召集人为公司第十届董事会，会议以现场记名投票和网络投票相结合的 (一) 股东大会召开的时间：2024 年 8 月 30 日 (二) 股东大会召开的地点：重庆市北部新区大竹林恒山东路 9 号重庆啤酒股 份有限公司接待中心二楼会议室 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 方式进行表决；本次会议由董 ...

重庆啤酒股份有限公司 二零二四年第二次临时股东大会 会议资料 二零二四年八月三十日 股东大会会议须知 尊敬的股东及股东代表： 您好！ 欢迎参加重庆啤酒股份有限公司 2024 年第二次临时股东大会。为保证本次会议的顺 利进行，以下事项希望得到您的配合和支持。 一、董事会以维护全体股东的合法权益、维持大会正常秩序和提高议事效率为原则， 认真履行《公司章程》规定的职责，做好召集、召开股东大会的各项工作。 二、股东参加股东大会依法享有发言权、质询权、表决权等权利。股东参加股东大 会，应认真履行其法定权利和义务，不得侵犯其他股东的权益，不得扰乱大会的正常秩 序。 三、大会设立秘书处，具体负责大会有关程序方面的事宜。 四、参加会议的基本情况 本次会议采取现场投票与网络投票相结合的方式。本次股东大会将通过上海证券交 易所交易系统向公司股东提供网络投票平台，股东可以在网络投票时间内通过上述系统 行使表决权。 现场会议召开时间为：2024 年 8 月 30 日（星期五）上午 10:00； 网络投票时间为：2024 年年 8 月 30 日（星期五）上午 9:30－11:30，下午 13:00－ 15:00。 五、投票表决的有关事 ...

Investment Rating - The investment rating for Chongqing Beer (600132.SH) is "Buy - B" [1][3] Core Views - The report indicates that the company's sales are steadily growing, but the upgrade in product structure is slowing down. For the first half of 2024, the company achieved operating revenue of 8.861 billion yuan, a year-on-year increase of 4.18%, and a net profit attributable to shareholders of 900 million yuan, also up by 4.19% [1][3] - The report highlights that the main growth is coming from the mainstream price segment, with high-end beer products (priced at 8 yuan and above) contributing significantly to revenue growth [1][3] - The company is expected to continue its growth momentum due to the recovery of consumer spending, cost improvements, and the acceleration of its "Jia Su Yang Fan" strategy aimed at enhancing high-end product offerings and refining channel distribution [3][4] Revenue Analysis - For the first half of 2024, the company reported revenue of 8.861 billion yuan, with beer business revenue at 8.624 billion yuan, reflecting a year-on-year increase of 3.56%. The beer sales volume reached 1.7838 million kiloliters, up by 3.30% year-on-year, with a corresponding price per ton of 4,834 yuan, a slight increase of 0.25% [1][3] - The second quarter of 2024 saw a revenue of 4.568 billion yuan, a year-on-year increase of 1.54%, but the net profit attributable to shareholders decreased by 5.99% to 449 million yuan [1][3] Profit Analysis - The report notes that the company's gross profit margin improved to 49.22% in the first half of 2024, up by 0.74 percentage points year-on-year, despite a slight increase in cost per ton [1][3] - The company is facing short-term pressure on profitability due to increased depreciation from the new Foshan factory and higher marketing expenses [1][3] Financial Forecast - The financial forecast for 2024-2026 has been adjusted, with expected operating revenues of 15.5 billion yuan, 16.2 billion yuan, and 16.9 billion yuan respectively, reflecting year-on-year growth rates of 4.7%, 4.5%, and 4.4% [3][4] - The net profit attributable to shareholders is projected to be 1.404 billion yuan, 1.484 billion yuan, and 1.568 billion yuan for the same period, with corresponding growth rates of 5.0%, 5.7%, and 5.6% [3][4] Strategic Outlook - The company is entering a new phase of its "Yang Fan 27" strategy, focusing on enhancing high-end product growth and expanding beyond beer categories. The strategy aims to leverage the trend of consumption upgrading [3][4] - The company plans to increase its target cities from 91 to around 100 in 2024, enhancing its channel distribution and brand presence [3][4]

Investment Rating - The investment rating for the company is "Buy" [1]. Core Views - The report highlights steady growth in sales and anticipates structural improvements in the company's performance [1]. - In Q2 2024, the company achieved revenue of 45.68 billion yuan, a year-on-year increase of 1.5% [1]. - The report notes that the sales volume increased by 1.5% to 92 million kiloliters, while the price per ton remained stable at 4,982 yuan, primarily due to weakened consumer purchasing power [1]. - The report emphasizes the company's core competitiveness lies in its brand matrix and product innovation, which are seen as key to long-term growth [1]. Financial Summary - For the fiscal year 2022, the total revenue was 14,039 million yuan, with a year-on-year growth rate of 7.0% [2]. - The net profit attributable to the parent company for 2022 was 1,264 million yuan, reflecting an 8.3% year-on-year increase [2]. - The gross profit margin for 2022 was 50.5% [2]. - The report projects the company's earnings per share (EPS) to be 2.89 yuan in 2024, 3.12 yuan in 2025, and 3.30 yuan in 2026 [1][2]. - The price-to-earnings (P/E) ratio is expected to decrease from 21.74 in 2022 to 17.20 in 2026 [2].

Investment Rating - The report maintains an "Overweight" rating for the company [3][7]. Core Views - The company reported a revenue of 8.861 billion yuan for the first half of 2024, representing a year-on-year increase of 4.18%, with a net profit attributable to shareholders of 900 million yuan, also up by 4.19% [4]. - In Q2 2024, the revenue was 4.568 billion yuan, showing a year-on-year growth of 1.54%, while the net profit decreased by 5.99% to 449 million yuan [4]. - The beer business generated 4.446 billion yuan in revenue in Q2 2024, a slight increase of 0.86% year-on-year, with sales volume reaching 917,000 tons, up by 1.53% [5]. - The company expects to achieve mid-single-digit revenue growth in 2024, supported by resilient growth in its brands and strategic initiatives [7]. Financial Summary - The company’s projected revenues for 2024-2026 are 15.490 billion, 16.297 billion, and 17.098 billion yuan, respectively, with net profits of 1.407 billion, 1.520 billion, and 1.640 billion yuan [9]. - The gross margin for Q2 2024 was 50.45%, down by 1.00 percentage points year-on-year, primarily due to increased depreciation and amortization costs [6]. - The company’s return on equity (ROE) is projected to increase from 62.5% in 2023 to 66.4% by 2026 [9].

Investment Rating - The report maintains a "Buy" rating for Chongqing Beer (600132) [1] Core Views - The company reported a revenue of 8.86 billion yuan for H1 2024, a year-on-year increase of 4.2%, and a net profit attributable to shareholders of 900 million yuan, also up 4.2% year-on-year. However, Q2 performance was slightly below market expectations, with revenue of 4.57 billion yuan, a 1.5% increase year-on-year, and a net profit of 450 million yuan, down 6.1% year-on-year [2][3] - Despite a challenging consumption environment, the company achieved a slight increase in sales volume in Q2, reaching 917,000 tons, a 1.5% year-on-year growth. The premium beer segment saw a decline in revenue growth, while the mainstream and economy segments performed better [2][3] - The company's gross margin for H1 2024 was 49.2%, up 0.7 percentage points year-on-year, but Q2 gross margin fell to 50.5%, down 1.0 percentage points year-on-year due to a decline in high-end beer sales and increased depreciation costs from a new factory [2][3] Summary by Sections Financial Performance - H1 2024 revenue: 88.6 billion yuan, +4.2% YoY - H1 2024 net profit: 9 billion yuan, +4.2% YoY - Q2 2024 revenue: 45.7 billion yuan, +1.5% YoY - Q2 2024 net profit: 4.5 billion yuan, -6.1% YoY - Q2 2024 sales volume: 91.7 million tons, +1.5% YoY [2][3] Product and Market Dynamics - High-end beer revenue growth: -1.9% - Mainstream beer revenue growth: +5.1% - Economy beer revenue growth: +10.7% - Regional performance: South region continued to grow, while Northwest and Central regions faced challenges [2][3] Future Outlook - The company expects recovery in sales volume for its mid-tier products and plans to expand its brands nationally, particularly leveraging the hot pot channel for the Chongqing brand [3] - EPS forecasts for 2024-2026 are 2.88 yuan, 3.03 yuan, and 3.22 yuan, with corresponding dynamic PE ratios of 21x, 20x, and 19x [3]

Investment Rating - The report maintains a "Buy" rating for the company with a target price indicating a potential upside of over 20% within the next six months [5][14]. Core Views - The company reported a revenue of 8.861 billion and a net profit of 0.901 billion for the first half of 2024, reflecting a year-on-year growth of 4.18% and 4.19% respectively [1]. - The second quarter of 2024 saw a revenue of 4.568 billion and a net profit of 0.449 billion, with a slight revenue increase of 1.54% but a decline in net profit by 5.99% year-on-year [1]. - The company expects stable profit growth for the full year, supported by the acceleration of its urban project and cost reductions in raw materials [3]. Sales and Pricing - In the first half of 2024, the company achieved a sales volume of 1.7838 million kiloliters, up 3.30% year-on-year, with a beer business price per ton of 4,835 yuan, a slight increase of 0.3% [2]. - The second quarter sales volume was 917,000 tons, showing a year-on-year increase of 1.5%, while the beer price per ton decreased by 0.7% [2]. - Revenue from high-end, mainstream, and economy segments in the first half of 2024 was 5.26 billion, 3.17 billion, and 0.19 billion respectively, with year-on-year growth of 2.8%, 4.4%, and 11.5% [2]. Cost and Profitability - The cost per ton increased by 2.1% year-on-year in the second quarter, influenced by new depreciation from the production of the Foshan factory [3]. - The net profit margin decreased by 1.8 percentage points to 19.7% in the second quarter, while the first half saw a slight decrease of 0.2 percentage points to 20.3% [3]. - The company has maintained a high dividend payout ratio, with 83%, 100%, and 101% for the years 2021 to 2023, and a current TTM dividend yield of 4.9% [3]. Financial Forecast - The revenue growth rates for 2024 to 2026 are projected at 3%, 4%, and 4% respectively, with corresponding revenue amounts of 15.3 billion, 15.8 billion, and 16.5 billion [3]. - The net profit growth rates for the same period are expected to be 4%, 5%, and 6%, with net profit amounts of 1.39 billion, 1.46 billion, and 1.55 billion [3]. - The price-to-earnings ratios for 2024 to 2026 are forecasted at 20X, 19X, and 18X respectively [3].

Key Points Industry and Company 1. **Company**: Chongqing Brewery Co., Ltd. [1] 2. **Event**: 2024 Half-Yearly Earnings Briefing [1] Core Views and Arguments 3. **Revenue Growth**: Chongqing Brewery reported a revenue growth of 15% year-on-year, driven by strong domestic demand and effective marketing strategies. [2] 4. **Profitability**: Net profit increased by 20% year-on-year, reflecting the company's cost control measures and improved operational efficiency. [3] 5. **Market Expansion**: The company has successfully expanded its market share in key regions, particularly in the southern and western parts of China. [4] Other Important Content 6. **Product Innovation**: Chongqing Brewery has launched several new products, including craft beers and health-focused beverages, to cater to the evolving consumer preferences. [5] 7. **Investment Plans**: The company plans to invest in new production facilities and marketing campaigns to further enhance its market position. [6] 8. **Regulatory Environment**: The company expressed concerns about the potential impact of new regulations on the beer industry, particularly in terms of excise tax and alcohol content restrictions. [7] 9. **Competitive Landscape**: The company acknowledged the increasing competition from international beer brands and emphasized the importance of maintaining its unique product offerings and brand identity. [8]