重庆啤酒：第二季度销量同比增长，高端化速度有所放缓

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].