CBC(SH:600132) EBSCN·2025-02-09 14:59Investment Rating - The report maintains a "Buy" rating for Chongqing Beer [5][3] Core Views - In 2024, Chongqing Beer achieved revenue of 14.645 billion yuan, a year-on-year decrease of 1.15%, and a net profit attributable to shareholders of 1.245 billion yuan, down 6.84% year-on-year [1] - The fourth quarter of 2024 saw a significant decline in revenue to 1.582 billion yuan, a drop of 11.45% year-on-year, with a net loss of 86.75 million yuan, indicating an expanded loss compared to the previous year [1] - The overall sales volume for 2024 decreased by 0.75% year-on-year, with revenue per hundred liters declining by approximately 0.4% due to changes in channel structure and a slower high-end process in non-on-premise channels [1][2] - The report highlights that the company is adjusting its strategy to focus more on the development of non-on-premise channels and refining channel services [2] Financial Performance Summary - Revenue and profit forecasts for 2024-2026 have been revised downwards, with net profits projected at 1.245 billion yuan for 2024, 1.279 billion yuan for 2025, and 1.310 billion yuan for 2026, reflecting reductions of 6%, 9%, and 12% respectively [3] - Earnings per share (EPS) for 2024-2026 are estimated at 2.57 yuan, 2.64 yuan, and 2.71 yuan, with corresponding price-to-earnings (P/E) ratios of 21x for 2024 and 2025, and 20x for 2026 [3][4] - The company is expected to maintain a high dividend level despite increased depreciation and amortization costs due to the new factory in Foshan [2] Market Data - The current share price is 55.20 yuan, with a total market capitalization of 26.715 billion yuan [5] - The stock has experienced a 1-year relative performance decline of 15.98% [8]