CBC(SH:600132) Huajin Securities·2024-08-21 03:00Investment Rating - The investment rating for Chongqing Beer (600132.SH) is "Buy - B" [1][3] Core Views - The report indicates that the company's sales are steadily growing, but the upgrade in product structure is slowing down. For the first half of 2024, the company achieved operating 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 by 4.19% [1][3] - The report highlights that the main growth is coming from the mainstream price segment, with high-end beer products (priced at 8 yuan and above) contributing significantly to revenue growth [1][3] - The company is expected to continue its growth momentum due to the recovery of consumer spending, cost improvements, and the acceleration of its "Jia Su Yang Fan" strategy aimed at enhancing high-end product offerings and refining channel distribution [3][4] Revenue Analysis - For the first half of 2024, the company reported revenue of 8.861 billion yuan, with beer business revenue at 8.624 billion yuan, reflecting a year-on-year increase of 3.56%. The beer sales volume reached 1.7838 million kiloliters, up by 3.30% year-on-year, with a corresponding price per ton of 4,834 yuan, a slight increase of 0.25% [1][3] - The second quarter of 2024 saw a revenue of 4.568 billion yuan, a year-on-year increase of 1.54%, but the net profit attributable to shareholders decreased by 5.99% to 449 million yuan [1][3] Profit Analysis - The report notes that the company's gross profit margin improved to 49.22% in the first half of 2024, up by 0.74 percentage points year-on-year, despite a slight increase in cost per ton [1][3] - The company is facing short-term pressure on profitability due to increased depreciation from the new Foshan factory and higher marketing expenses [1][3] Financial Forecast - The financial forecast for 2024-2026 has been adjusted, with expected operating revenues of 15.5 billion yuan, 16.2 billion yuan, and 16.9 billion yuan respectively, reflecting year-on-year growth rates of 4.7%, 4.5%, and 4.4% [3][4] - The net profit attributable to shareholders is projected to be 1.404 billion yuan, 1.484 billion yuan, and 1.568 billion yuan for the same period, with corresponding growth rates of 5.0%, 5.7%, and 5.6% [3][4] Strategic Outlook - The company is entering a new phase of its "Yang Fan 27" strategy, focusing on enhancing high-end product growth and expanding beyond beer categories. The strategy aims to leverage the trend of consumption upgrading [3][4] - The company plans to increase its target cities from 91 to around 100 in 2024, enhancing its channel distribution and brand presence [3][4]