CBC(SH:600132) Tianfeng Securities·2025-05-12 07:45Investment Rating - The report maintains a "Buy" rating for Chongqing Brewery, with an expected relative return of over 20% within the next six months [6][17]. Core Views - The company reported a revenue of 4.355 billion yuan in Q1 2025, a year-on-year increase of 1.46%, and a net profit of 473 million yuan, up 4.59% year-on-year [1]. - The sales volume in Q1 2025 reached 883,500 tons, reflecting a 1.93% increase year-on-year, with a slight decline in beer business price per ton by 0.3% to 4,804 yuan [2]. - The report highlights a decrease in costs leading to a slight improvement in profitability, with a net profit margin of 21.6%, up 0.7 percentage points year-on-year [3]. Financial Performance Summary - Revenue projections for 2025-2027 are estimated at 14.86 billion yuan, 15.21 billion yuan, and 15.61 billion yuan, with growth rates of 1%, 2%, and 3% respectively [3]. - The net profit for the same period is forecasted to be 1.28 billion yuan, 1.35 billion yuan, and 1.42 billion yuan, with growth rates of 15%, 5%, and 5% respectively [3]. - The report provides a detailed financial outlook, including EBITDA and earnings per share (EPS) estimates, with EPS projected to be 2.65 yuan in 2025 [5][12].