CBC(SH:600132) Southwest Securities·2024-08-19 05:00Investment 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]