CBC(SH:600132) Huaxin Securities·2024-04-30 00:31Investment Rating - The report maintains a "Buy" investment rating for Chongqing Beer [3][8] Core Views - The company has shown strong performance in Q1 2024, with revenue of 4.293 billion yuan, a year-on-year increase of 7.16%, and a net profit of 452 million yuan, up 16.78% [6] - The gross margin improved to 47.90%, reflecting effective cost control measures [6] - The high-end beer segment continues to grow rapidly, contributing to ongoing structural upgrades within the company [7] Summary by Sections Financial Performance - In Q1 2024, Chongqing Beer achieved a beer sales volume of 866,800 kiloliters, an increase of 5.25% year-on-year [6] - The company's sales expense ratio was 13.13%, and the management expense ratio was 3.13%, indicating effective expense management [6] Product Segmentation - High-end beer (priced at 8 yuan and above) generated revenue of 2.572 billion yuan, up 8.28% [7] - Mainstream beer (priced between 4-8 yuan) revenue reached 1.520 billion yuan, a 3.57% increase [7] - Economic beer (priced below 4 yuan) saw revenue of 86 million yuan, growing by 12.39% [7] Regional Performance - Revenue from the southern region was 1.209 billion yuan, up 9.32% [7] - The central region contributed 1.809 billion yuan, a 7.05% increase [7] - The northwest region reported revenue of 1.160 billion yuan, growing by 3.23% [7] Earnings Forecast - The report projects EPS for 2024, 2025, and 2026 to be 2.98 yuan, 3.30 yuan, and 3.60 yuan respectively, with corresponding PE ratios of 23, 21, and 19 times [8] - The company is expected to maintain a robust growth trajectory, supported by its strategic initiatives [8]