CBC(SH:600132) Guoxin Securities·2024-06-12 10:07Investment Rating - The investment rating for Chongqing Beer is "Outperform the Market" (maintained) [2][4] Core Views - Chongqing Beer has made adjustments in product mix, channel strategy, and market expansion in response to the changing consumption environment, enhancing operational resilience. The company had a strong start in Q1 2024, and while the rainy weather in the south may impact sales in Q2, the effect is expected to be limited. The third quarter is anticipated to see increased sales due to rising temperatures and major sports events, making it likely that the company will achieve its annual targets [2][3][4]. Summary by Sections Product Strategy - The company is focusing on its product mix, with brands like Wusu, Lebao, and Carlsberg showing resilience. In 2024, Chongqing Beer plans to leverage its strong product portfolio to expand its market presence and enhance brand promotion, particularly in the 8-12 yuan segment. The adjustments in the product mix are aimed at better adapting to current consumer trends [3]. Channel Development - The company is placing greater emphasis on non-drink channels due to the slow recovery of dining and nightlife sectors. Targeted marketing strategies for non-drink scenarios are expected to accelerate growth in this area. Although the number of new large cities targeted has decreased, the focus will shift to quality management and resource allocation in existing large cities [3]. Financial Performance - For 2024-2025, Chongqing Beer is projected to achieve operating revenues of 156.3 billion yuan and 165.4 billion yuan, representing year-on-year growth of 5.5% and 5.8%, respectively. The net profit attributable to the parent company is expected to be 14.6 billion yuan and 15.9 billion yuan, with growth rates of 8.9% and 9.5% [2][4].