CBC(600132) 华鑫证券·2025-04-08 05:49Investment Rating - The report maintains a "Buy" investment rating for Chongqing Beer [4] Core Views - The company's performance in 2024 met expectations, although profit was under pressure due to litigation provisions impacting net profit [2] - Revenue and net profit for 2024 were CNY 14.645 billion and CNY 1.115 billion, respectively, reflecting a year-on-year decrease of 1.15% and 16.61% [2] - The company anticipates improvements in performance moving forward, particularly with the implementation of its "Big City 2.0" plan [10] Summary by Sections Financial Performance - In 2024, the gross margin was stable at 49%, while the net margin was 15%, showing a decline of 0.6 and 2.9 percentage points year-on-year [2] - The operating cash flow for 2024 was CNY 2.542 billion, a decrease of 18% year-on-year [2] - Contract liabilities increased to CNY 1.780 billion by the end of 2024, up CNY 0.168 billion from the previous quarter [2] Product Performance - Revenue from international and local brands in 2024 was CNY 5.308 billion and CNY 8.862 billion, respectively, with year-on-year changes of +0.6% and -3.3% [3] - High-end products saw a revenue of CNY 8.592 billion, a decrease of 2.97% year-on-year, while economic products increased by 15.56% [3] Market Strategy - The company is focusing on expanding its presence in large cities and enhancing its product mix [9] - The non-immediate consumption channel has shown growth, while the immediate consumption channel faced short-term pressure [9] Earnings Forecast - The projected earnings per share (EPS) for 2025, 2026, and 2027 are CNY 2.62, CNY 2.74, and CNY 2.87, respectively, with corresponding price-to-earnings (PE) ratios of 22, 21, and 20 [10][12]