CBC(600132) 华鑫证券·2025-04-08 06:23Investment 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 income [2] - Revenue and net profit for 2024 were CNY 14.645 billion and CNY 1.115 billion, respectively, reflecting a year-on-year decline 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 slight decline year-on-year [2] - The operating cash flow for 2024 was CNY 25.42 billion, down 18% year-on-year, while sales collections increased slightly by 0.2% [2] - Contract liabilities at the end of 2024 were CNY 1.78 billion, up CNY 168 million 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 drove volume growth, with sales and average price changes of +1.37% and -4.28% year-on-year [3] - The company is focusing on enhancing brand awareness through various marketing strategies for its premium products [3] Market Strategy - The company is advancing its "Big City" plan, aiming to enhance terminal execution and optimize product mix [9] - Non-immediate consumption channels have shown growth, while the immediate consumption channel faced short-term pressure [9] - The company plans to continue expanding its presence in high-potential markets with selective launches of mid-to-high-end products [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]