CBC(SH:600132) Tai Ping Yang·2024-08-16 08:33Investment 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].