产品结构恢复升级，成本下降红利显现

Investment Rating - The investment rating for Chongqing Beer is maintained at "Buy - B" [1] Core Views - The report highlights a recovery and upgrade in product structure, with cost reduction benefits becoming apparent. The company achieved a revenue of 4.293 billion yuan in Q1 2024, representing a year-on-year increase of 7.16%, and a net profit attributable to shareholders of 0.452 billion yuan, up 16.78% year-on-year [1][3] Revenue Analysis - In Q1 2024, the company experienced steady growth across various regions, with total revenue reaching 4.293 billion yuan, a 7.16% increase year-on-year. The beer business alone generated 4.178 billion yuan, reflecting a 6.59% increase in sales volume to 866,800 kiloliters. The average price per ton increased by 5.25% [1][3] - Revenue by price segment showed that high-end beer (products priced at 8 yuan and above) generated 2.572 billion yuan, up 8.28% year-on-year, accounting for 61.56% of total revenue. Mainstream beer (4-8 yuan products) contributed 1.520 billion yuan, a 3.57% increase, while economy beer (below 4 yuan) generated 0.086 billion yuan, up 12.39% [1] Profit Analysis - The report indicates that the decline in raw material prices and product structure upgrades have led to a steady increase in gross margin. The gross margin for Q1 2024 was 47.90%, an increase of 2.74 percentage points year-on-year [1] - The company’s net profit margin for Q1 2024 was 10.53%, up 0.87 percentage points year-on-year, with a total net profit of 0.452 billion yuan [1] 2024 Outlook - The company plans to enhance its product mix and accelerate growth in high-end products as part of its "Sailing 27" strategy. The focus will be on upgrading economic products to mainstream products, which is expected to drive overall revenue growth [1][3] - The company aims to expand its target cities from 91 to around 100 in 2024, enhancing brand strength through channel expansion [1] - Cost improvements are anticipated due to the cancellation of double anti-dumping policies on barley, which is expected to lower raw material costs [1]