研报掘金丨民生证券：维持重庆啤酒“推荐”评级，高端大单品势能有望恢复

Core Viewpoint - Chongqing Beer maintains its market share growth in H1 2025, actively promoting the high-endization of non-on-trade channels, although increased investment impacts the ton price [1] Company Summary - Carlsberg and Fenghua Xueyue brands are expected to continue strong growth, while 1664 and Wusu canned products also contribute to incremental growth [1] - Increased investment in non-on-trade channels affects the ton price of high-end and mainstream products, despite good growth in economic products mainly due to internal structural upgrades [1] - The company maintains a high dividend payout ratio of 104% for 2024, with current market valuations corresponding to PE ratios of 22/21/20X [1] Industry Summary - Continued stimulus from consumption policies is expected to stabilize and restore downstream demand, driving volume and price expansion in the industry [1] - There remains significant upgrade potential in the beer industry in the medium to long term, supported by a complete product matrix and a focus on enhancing organizational capabilities and channel cultivation [1] - A recovery in on-trade demand could accelerate the industry's upgrade rate, with the company's high-end flagship products likely to regain momentum [1]