CBC(SH:600132) Huachuang Securities·2025-04-03 04:39Investment Rating - The report maintains a "Strong Buy" rating for Chongqing Beer (600132) with a target price of 67 CNY [1][7] Core Views - The company reported a total revenue of 14.645 billion CNY for 2024, a decrease of 1.1% year-on-year, and a net profit attributable to shareholders of 1.114 billion CNY, down 16.6% year-on-year [1][3] - The company has a high dividend payout, with a total cash dividend of 1.16 billion CNY, resulting in a dividend rate of 104.21% and a dividend yield of 4.0% [1][7] - The report highlights that despite a challenging operating environment, the company is expected to maintain stable operations and high dividend levels in 2025 [7] Financial Summary - 2024 Financial Performance: - Total revenue: 14.645 billion CNY - Net profit: 1.114 billion CNY - Earnings per share (EPS): 2.30 CNY - Price-to-earnings (P/E) ratio: 26 [3][12] - Future Projections: - 2025E total revenue: 14.830 billion CNY, with a growth rate of 1.3% - 2025E net profit: 1.270 billion CNY, with a growth rate of 13.9% - 2026E net profit: 1.309 billion CNY, with a growth rate of 3.1% [3][12] - Key Financial Ratios: - Return on equity (ROE): 94.0% for 2024 - Debt-to-equity ratio: 33.6% for 2024 - Asset-liability ratio: 77.6% for 2024 [4][12] Market Performance - The report notes that the company's sales volume and price per ton in Q4 2024 decreased by 8% and 3.7% respectively, attributed to weak demand and inventory reduction efforts [7][8] - The overall gross margin for the year decreased by 0.6 percentage points to 48.6% [7][8] Strategic Outlook - The company is focusing on enhancing its non-alcoholic beverage segment and improving product strength and brand power to adapt to changing consumer preferences [7] - The report anticipates a recovery in demand in 2025, which may lead to improved operational performance [7]