Investment Rating - The investment rating for the company is "Outperform the Market" [4][10]. Core Views - The company reported a revenue increase of 4.18% year-on-year for the first half of 2024, with total revenue reaching 8.861 billion yuan and a net profit of 900 million yuan, also up by 4.19% year-on-year [1][6]. - In the second quarter of 2024, the company experienced a revenue growth of 1.54% year-on-year, but net profit decreased by 5.99% [1][6]. - The company is focusing on product and channel adjustments, emphasizing market quality and targeting non-consumption scenarios for marketing [7]. Financial Performance Summary - For the first half of 2024, the company achieved total revenue of 8.861 billion yuan, with a net profit of 900 million yuan [1][6]. - The second quarter saw a revenue of 4.568 billion yuan, with a net profit of 449 million yuan [1][6]. - The company’s sales volume increased by 1.5% year-on-year in the second quarter, outperforming the overall beer industry [1][6]. - The revenue from mainstream products (4-8 yuan) grew by 5.1%, while the revenue from economic products (below 4 yuan) increased by 10.6% [1][6]. Profitability and Cost Analysis - The cost per thousand liters increased by 2.1% year-on-year, leading to a slight decline in gross margin by 1.0 percentage points [1][6]. - The sales expense ratio increased by 1.3 percentage points due to higher advertising and marketing expenditures [1][6]. - The net profit margin decreased by 1.8 percentage points in the second quarter, while the net profit margin for the first half remained stable year-on-year [1][6]. Future Outlook and Adjustments - The company has adjusted its revenue forecasts for 2024-2026, expecting revenues of 15.364 billion yuan, 16.121 billion yuan, and 16.951 billion yuan respectively [7][9]. - The net profit forecasts for the same period are adjusted to 1.389 billion yuan, 1.484 billion yuan, and 1.603 billion yuan respectively [7][9]. - The company aims to strengthen its brand advantage in the beer market while maintaining a high dividend payout ratio over the past three years [7][9].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 64.90 CNY, based on a reasonable valuation level of 22 times the earnings for 2024 [4][6]. Core Views - The company reported a revenue of 8.86 billion CNY for the first half of 2024, representing a year-over-year increase of 4.2%, and a net profit attributable to shareholders of 900 million CNY, also up by 4.19% year-over-year [1]. - In Q2 2024, the company achieved a revenue of 4.57 billion CNY, which is a 1.5% increase year-over-year, but the net profit decreased by 6.0% to 450 million CNY [1]. - The sales volume and price per ton both increased in H1 2024, with the southern region leading revenue growth. The high-end product segment generated 5.26 billion CNY in revenue, up 2.8% year-over-year [1]. - The company is focusing on precise market expansion and accelerating its high-end product strategy, with investments in the Wusu brand and marketing efforts to enhance its national presence [1]. Financial Summary - The company’s revenue is projected to grow from 14.82 billion CNY in 2023 to 15.60 billion CNY in 2024, with a year-over-year growth rate of 5.3% [3]. - The net profit attributable to shareholders is expected to increase from 1.34 billion CNY in 2023 to 1.43 billion CNY in 2024, reflecting a growth rate of 6.8% [3]. - The earnings per share are forecasted to be 2.95 CNY in 2024, down from previous estimates of 3.80 CNY [2][6]. - The gross margin is expected to be 49.3% in 2024, slightly down from 49.1% in 2023 [3].

Summary of the Conference Call for Chongqing Brewery Co., Ltd. 2024 Half-Year Performance Company Overview - The conference call pertains to Chongqing Brewery Co., Ltd., a company in the beverage industry, specifically focusing on beer production and sales [1]. Core Points and Arguments - The meeting serves as a platform for invited investors to discuss the company's half-year performance for 2024 [1]. - The audio and text records of the meeting are intended for internal use only and are not authorized for public release [1]. - Any unauthorized reproduction or distribution of the meeting content is considered an infringement [1]. Important but Potentially Overlooked Content - The company emphasizes the confidentiality of the meeting's content, indicating a focus on protecting sensitive financial information [1].

Investment Rating - The report assigns a "Buy" rating to Chongqing Beer (600132) with a target price of 71.00, compared to the last closing price of 60.65 [1]. Core Views - The company's performance met expectations, with a slight increase in sales in Q2. For H1 2024, the company achieved 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 4.19% year-on-year [2][4]. - In Q2 2024, the company reported revenue of 4.568 billion yuan, a year-on-year increase of 1.54%, but a net profit of 449 million yuan, which represents a decline of 5.99% year-on-year [2][4]. - The report highlights that the beer industry faced challenges in Q2 due to adverse weather conditions and a slowdown in the dining sector, leading to a 5.4% year-on-year decline in beer production among large enterprises in China [2][4]. Financial Summary - For H1 2024, the company sold 1.7838 million tons of beer at an average price of 4,834 yuan per ton, reflecting a year-on-year increase of 3.30% in sales volume and 0.25% in price [2][4]. - In Q2 2024, the sales volume was 917,000 tons with an average price of 4,848 yuan per ton, showing a year-on-year increase of 1.53% in volume but a decrease of 0.66% in price [2][4]. - The company's revenue from high-end, mainstream, and economy products for H1 2024 was 5.26 billion, 3.17 billion, and 190 million yuan, respectively, with year-on-year growth rates of 2.8%, 4.4%, and 11.4% [2][4]. Future Outlook - The report anticipates a revenue growth rate of 3% for 2024, 4% for 2025, and 3% for 2026, with net profit growth rates of 3%, 7%, and 7% for the same years [2][4]. - The expected earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 2.84, 3.03, and 3.25 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 21x, 20x, and 19x [2][4].

Investment Rating - The investment rating for the company is "Buy" [7][11]. Core Insights - The company's revenue for H1 2024 reached 8.861 billion yuan, a year-on-year increase of 4.18%, with a net profit attributable to shareholders of 900 million yuan, also up 4.19% year-on-year [11]. - The company is expected to achieve revenues of 15.632 billion, 16.461 billion, and 17.229 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 5.52%, 5.30%, and 4.67% [3][11]. - The company maintains a strong growth outlook, supported by a multi-brand strategy and a focus on various price segments, leading to stable revenue performance and a leading dividend payout ratio in the industry [3][11]. Financial Performance Summary - In H1 2024, the company achieved a sales volume of 1.7838 million kiloliters, a year-on-year increase of 3.30%, with an average price per ton of 4,967.31 yuan, up 0.86% year-on-year [11]. - The gross profit margin for H1 2024 was 49.22%, an increase of 0.73 percentage points year-on-year, while the net profit margin remained stable at 10.17% [11]. - The company’s total assets are projected to grow from 12.498 billion yuan in 2022 to 19.116 billion yuan by 2026, reflecting a robust growth trajectory [14].

公司点评报告 · 食品饮料行业 但有韧性 o 事件：公司发布 2024 年半年度报告。2024 年上半年，公司实现营收 88.61 亿 元，同比+4.2%；归母净利润 9.01 亿元，同比+4.2%。其中 24Q2 实现收入 45.68 亿元，同比+1.5%；归母净利润 4.49 亿元，同比-6.0%。 o 箭量表现优于行业水平，吨价增速放缓。2402 公司收入同比+1.5%。拆分 量价来看，量：2024 上半年公司实现销量 178.4 万千升，同比+3.3%；其中 24Q2 公司销量同比+1.5%，增速放缓，但仍优于行业（据国家统计局，规模 以上啤酒企业 24Q2产量同比-4.5%);价 :2024年上半年公司吨价同比+0.9%, 其中 24Q2 吨价同比+0.01%。 分产品, 24H1 公司高档/主流/经济产品分别实现收入 52.63/31.74/1.86 亿元, 同 比 +2.8%/+4.4%/+11.4%； 24Q2 高 档 / 主 流 /经 济 产 品 分 别 实 现 收 入 26.91/16.54/1.0 亿元，同比-1.9%/+5.1%/+11.1%。经济产品延续 Q1 高增态 势, 受现饮渠 ...

[Table_Main] 证券研究报告 | 公司点评 重庆啤酒(600132.SH) 2024 年 08 月 16 日 买入（维持） 所属行业：食品饮料/非白酒 当前价格(元)：59.38 证券分析师 熊鹏 资格编号：S0120522120002 邮箱：xiongpeng＠tebon.com.cn 韦香怡 资格编号：S0120522080002 邮箱：weixy＠tebon.com.cn 研究助理 市场表现 重庆啤酒 沪深300 -43% -34% -26% -17% -9% 0% 9% 17% 2023-08 2023-12 2024-04 2024-08 | --- | --- | --- | --- | |-------------|-------|-------|--------| | 沪深300对比 | 1M | 2M | 3M | | 绝对涨幅(%) | -5.49 | -9.74 | -17.98 | | 相对涨幅(%) | -1.73 | -4.11 | -9.36 | 资料来源：德邦研究所，聚源数据 相关研究 1.《Q4 业绩略低预期，高分红提振信 心-重庆啤酒（600132.SH）：Q4 ...

Investment Rating - The investment rating for Chongqing Beer (600132.SH) is "Buy" (maintained) with a market price of 59.38 [1]. Core Views - The report indicates that the company achieved revenue of 8.861 billion yuan in H1 2024, representing a year-on-year growth of 4.18%. The net profit attributable to shareholders was 900 million yuan, also showing a year-on-year increase of 4.19% [1]. - The report highlights stable sales growth in beer volume, although the average price decreased year-on-year. The company’s beer revenue for Q2 2024 was 4.446 billion yuan, with beer sales volume reaching 917,000 kiloliters, reflecting a year-on-year growth of 1.53% [1]. - The report notes a decline in gross margin and an increase in expense ratios in the short term, impacting profitability. The forecast for 2024 revenue is set at 15.277 billion yuan, with net profit expected to be 1.344 billion yuan [1][2]. Financial Forecasts and Valuation - Revenue projections for Chongqing Beer are as follows: - 2023A: 14,815 million yuan - 2024E: 15,277 million yuan - 2025E: 15,932 million yuan - 2026E: 16,590 million yuan - Net profit forecasts are: - 2023A: 1,337 million yuan - 2024E: 1,344 million yuan - 2025E: 1,471 million yuan - 2026E: 1,561 million yuan - Earnings per share (EPS) estimates are: - 2023A: 2.76 yuan - 2024E: 2.78 yuan - 2025E: 3.04 yuan - 2026E: 3.23 yuan [1][2]. Key Financial Ratios - The report provides the following key financial ratios: - P/E ratio for 2024E is 21.4 - P/B ratio for 2024E is 12.9 - Gross margin is projected to be 49.2% in 2024E - Net margin is expected to be 17.9% in 2024E - ROE is forecasted at 26.2% in 2024E [1][2].

Investment Rating - The report maintains a "Buy" rating for Chongqing Brewery (600132 SH) with a target price of 71 69 yuan per share [4] Core Views - Chongqing Brewery reported H1 2024 revenue of 8 86 billion yuan (+4 2% YoY) and net profit of 900 million yuan (+4 2% YoY) Q2 2024 revenue was 4 57 billion yuan (+1 5% YoY) with net profit of 450 million yuan (-6 0% YoY) [2] - Beer sales volume in Q2 2024 increased by 1 5% YoY to 917 thousand kiloliters while revenue per ton remained flat at 4981 6 yuan/kiloliter [2] - Premium product revenue declined by 1 9% YoY in Q2 2024 due to weak demand in the catering and high-end beer segments while mainstream and economy products grew by 5 1% and 10 7% respectively [2] - Cost per ton increased by 2 1% YoY in Q2 2024 to 2468 2 yuan/kiloliter driven by higher depreciation and aluminum costs Gross margin declined by 1 0 pct YoY to 50 5% [2] - The company has maintained a high dividend payout ratio of around 100% over the past two years and is expected to continue with mid-term dividends [2] Financial Forecasts - Revenue is projected to grow from 15 37 billion yuan in 2024E to 16 34 billion yuan in 2026E representing a CAGR of 3 1% [3] - Net profit is expected to increase from 1 39 billion yuan in 2024E to 1 55 billion yuan in 2026E with a CAGR of 5 6% [3] - EPS is forecasted to rise from 2 87 yuan in 2024E to 3 20 yuan in 2026E [3] - The company's PE ratio is estimated at 21x for 2024E declining to 19x by 2026E [3] Valuation - The report values Chongqing Brewery at 25x 2024E PE implying a target price of 71 69 yuan per share [2] - Current share price stands at 60 65 yuan representing a potential upside of 18 2% [4]

2024 年 8 月 15 日 公司研究 Q2 销量逆势增长，折旧计提拖累利润 ——重庆啤酒（600132.SH）2024 年中报点评 买入（维持） 当前价：59.38 元 作者 分析师：陈彦彤 执业证书编号：S0930518070002 021-52523689 chenyt@ebscn.com 分析师：汪航宇 执业证书编号：S0930523070002 021-52523174 wanghangyu@ebscn.com 分析师：聂博雅 执业证书编号：S0930522030003 021-52523808 nieboya@ebscn.com 市场数据 | --- | --- | |---------------------|-------------| | 总股本(亿股) | 4.84 | | 总市值(亿元)： | 287.38 | | 一年最低/最高(元)： | 50.34/91.28 | | 近 3 月换手率： | 50.10% | 股价相对走势 -38% -26% -14% -2% 10% 08/23 11/23 02/24 05/24 重庆啤酒 沪深300 收益表现 | --- | --- | -- ...