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「一城一酒」关键增长区域“失守”,重庆啤酒业绩持续低迷,跨界对冲主业颓势
Hua Xia Shi Bao· 2025-08-15 11:56
重庆啤酒业绩在经历一年的低迷后,复苏势头仍未显现。8月14日,重庆啤酒发布半年报显示,2025年 上半年,其实现营收88.39亿元,同比减少0.24%;净利润为8.65亿元,同比减少4.03%,延续了去年的 疲软态势。 对于此次营收净利润下滑,在8月15日举办的业绩说明会上,重庆啤酒方面回复《华夏时报》记者提出 的问题表示,"2025年上半年公司面临诸多外部挑战,啤酒市场竞争也更加激烈,公司积极拥抱变化、 洞察机会、优化策略、强化执行,保持了生意平稳。" 相比于营收净利润双下滑,今年上半年,重庆啤酒销量则止住下跌趋势,实现销量180.08万千升,同比 增长0.95%。与之相对应的,重庆啤酒吨价继续下滑,根据营收销量计算,2025年上半年,重庆啤酒吨 价为4908元,2023年、2024年则分别为4942元、4923元。 按消费价格划分,重庆啤酒旗下包括消费价格8元及以上的高档、4元至8元的主流以及4元以下的经济产 品。2025年上半年,三者营收占比分别为59.6%、35.6%、2.2%。其中高档产品主要代表品牌是嘉士 伯、乐堡、1664、红乌苏等;主流产品是重庆、乌苏、大理、山城、西夏等,经济产品为山城、西夏 ...
重庆啤酒(600132):乐堡、乌苏韧性增长,税率提升拖累盈利
Soochow Securities· 2025-08-15 02:29
Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company has shown resilient growth in its brands, such as Lebao and Wusu, despite facing challenges from increased tax rates that have impacted profitability [7] - The overall sales volume for the first half of 2025 increased by 0.95% year-on-year, reaching 1.8008 million tons, indicating stable performance in a competitive market [7] - The report highlights a projected decline in net profit for 2025, with estimates of 1.105 billion yuan, reflecting a decrease of 0.90% year-on-year [1][7] Financial Performance Summary - Total revenue for 2023 is projected at 14.815 billion yuan, with a slight decline expected in 2024 and 2025 [1] - The net profit for 2023 is estimated at 1.337 billion yuan, with a significant drop in 2024 to 1.115 billion yuan, and a further slight decrease in 2025 to 1.105 billion yuan [1] - The earnings per share (EPS) for 2025 is projected to be 2.28 yuan, with a P/E ratio of 24.35 [1][8] Market Data Summary - The closing price of the stock is 55.57 yuan, with a market capitalization of approximately 26.894 billion yuan [5] - The company has a price-to-book ratio of 16.62 and a net asset value per share of 3.34 yuan [5][6] Strategic Focus - The company plans to continue its strategic initiatives, including the "Sail 27" and "Jia Speed Sail" projects, focusing on enhancing its brand portfolio and channel management [7]
重庆啤酒:25Q1业绩点评报告Q1业绩略超预期,吨成本改善亮眼-20250505
ZHESHANG SECURITIES· 2025-05-05 15:45
Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company achieved revenue of 4.355 billion yuan in Q1 2025, a year-on-year increase of 1.46%, and a net profit attributable to shareholders of 473 million yuan, up 4.59% year-on-year, slightly exceeding expectations [1] - The company's beer business saw a recovery in sales volume, with a total of 883,500 tons sold in Q1 2025, representing a year-on-year increase of 1.93% [2] - Cost improvements have driven profitability enhancements, with gross margin and net margin increasing by 0.52 and 0.67 percentage points year-on-year to 48.42% and 21.61%, respectively [4] - The company is expected to focus on non-current drinking channels and strengthen core market penetration, with stable product structure and controlled expense ratios [5] Summary by Sections Financial Performance - In Q1 2025, the company reported a revenue of 4.355 billion yuan, with a net profit of 473 million yuan, and a non-recurring net profit of 467 million yuan, all showing positive year-on-year growth [1] - The sales volume for the beer business was 883,500 tons, with an average price per ton of 4,804 yuan, reflecting a slight decrease of 0.34% year-on-year [2] Product and Regional Performance - High-end beer revenue reached 2.603 billion yuan, up 1.21% year-on-year, while mainstream beer revenue was 1.550 billion yuan, up 1.99% year-on-year [2] - The company’s revenue from different regions showed balanced performance, with the Northwest, Central, and Southern regions generating revenues of 1.178 billion, 1.835 billion, and 1.231 billion yuan, respectively [3] Cost and Profitability - The company’s operating cash flow increased by 24.88% year-on-year to 1.350 billion yuan, indicating strong cash flow performance [4] - The cost per ton decreased by 1.45% year-on-year to 2,543 yuan, attributed to lower raw material and packaging costs [4] Future Outlook - Revenue growth is projected at 2.0%, 2.6%, and 2.6% for 2025-2027, with net profit growth expected at 14.4%, 4.4%, and 4.3% for the same period [5] - The estimated earnings per share (EPS) for 2025, 2026, and 2027 are 2.6, 2.8, and 2.9 yuan per share, respectively, with a price-to-earnings (P/E) ratio of 21.9, 21.0, and 20.1 [5]
重庆啤酒(600132):销量恢复增长,盈利保持稳健
Soochow Securities· 2025-04-30 12:05
Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a recovery in sales volume in Q1 2025, with a year-on-year revenue increase of 1.46% to 4.355 billion yuan and a net profit increase of 4.59% to 473 million yuan [8] - The sales volume for Q1 2025 reached 883,500 tons, showing a year-on-year growth of 1.93%, with expectations for stable performance as the pressure from high base effects decreases [8] - The company is focusing on high-end product growth through strategic initiatives like "Sailing 27" and "Jia Speed Sailing," aiming to enhance its brand portfolio and channel management [8] Financial Summary - Total revenue forecast for 2023A is 14.815 billion yuan, with a projected growth of 1.36% in 2025E [1] - The net profit attributable to the parent company is forecasted to be 1.266 billion yuan in 2025E, reflecting a year-on-year growth of 13.59% [1] - The latest diluted EPS is projected to be 2.62 yuan per share in 2025E, with a corresponding P/E ratio of 21.67 [1]