CBC(SH:600132) Huachuang Securities·2024-10-30 22:08Investment Rating - The report maintains a "Strong Buy" rating for Chongqing Beer (600132) with a target price of 67 CNY, compared to the current price of 58.85 CNY [1]. Core Views - Short-term operations are under pressure, but high dividends provide a safety net. The company is expected to see stable growth in the coming year as demand improves [1][4]. - The report highlights a decline in beer sales by 5.6% to 873,000 kiloliters, with a decrease in ton price by 1.6% to 4,813 CNY, indicating both volume and price pressures [1][4]. - The company is focusing on enhancing its non-current drinking channels and improving operational capabilities to adapt to market conditions [1]. Financial Performance Summary - For the first three quarters of 2024, the company achieved total revenue of 13.063 billion CNY, a slight increase of 0.3% year-on-year, while net profit attributable to shareholders decreased by 1.61% to 1.332 billion CNY [1][4]. - In Q3 alone, the company reported a net profit of 431 million CNY, down 0.9% year-on-year [1]. - The report projects a slight decline in earnings per share (EPS) for 2024 to 2.85 CNY, with expected dividend yields around 4.6% [1][4]. Market and Product Insights - The report notes that high-end product performance has been lackluster, with a significant impact from high base comparisons from the previous year [1]. - The company is expected to benefit from a recovery in the restaurant and nightlife sectors, which could enhance sales in the future [1][4]. - The report emphasizes the importance of brand positioning in the high-end price segment, despite current sales pressures [1].