CBC(SH:600132) Guoyuan Securities·2024-11-04 11:00Investment Rating - The report maintains a "Buy" rating for Chongqing Beer [2][5] Core Views - The company's total revenue for the first three quarters of 2024 reached 13.063 billion yuan, a slight increase of 0.26% year-on-year, while the net profit attributable to the parent company was 1.332 billion yuan, down 0.90% year-on-year [2] - The report highlights that the company's economic product growth is leading, with a significant increase in revenue from economic products by 14.84% year-on-year in the first three quarters of 2024 [3] - The gross margin remains stable at 49.20% for the first three quarters of 2024, despite a slight decline in Q3 due to rising raw material prices and depreciation from new capacity [4] Summary by Sections Financial Performance - In Q3 2024, the company achieved total revenue of 4.202 billion yuan, a decrease of 7.11% year-on-year, and a net profit of 431 million yuan, down 10.10% year-on-year [2] - The beer sales volume for the first three quarters of 2024 was 2.657 million kiloliters, a year-on-year increase of 0.20%, with an average price of 4.78 yuan per liter, down 0.62% year-on-year [3] - The company's gross margin for Q3 2024 was 49.17%, a decrease of 1.35 percentage points year-on-year, primarily due to raw material price increases [4] Regional Performance - Revenue from different regions in the first three quarters of 2024 showed varied performance, with the Northwest region down 2.50%, the Central region flat, and the South region up 1.13% year-on-year [3] Future Projections - The report projects net profits for 2024, 2025, and 2026 to be 1.325 billion yuan, 1.400 billion yuan, and 1.472 billion yuan respectively, with growth rates of -0.85%, 5.66%, and 5.10% [5]