6月16日，嘉士伯中国与中国餐饮百强企业廣順興正式签署战略合作协议，建立面向全国市场的深度合作关系。双方将围绕产品协同、场景共建、营销联动 等多维度展开合作，进一步拓展嘉士伯中国旗下品牌在优质粤菜渠道的渗透力，打造更具品质感和场景化的餐饮消费体验。 根据协议，嘉士伯中国将成为廣順興全国门店的核心啤酒供应商，合作涵盖公司旗下嘉士伯、乐堡、1664、乌苏、京A等多元品牌组合。双方将以明星IP联 动、套餐定制、季节限定菜单、场景共创、联名营销为抓手，联手打造涵盖正餐、宵夜、社交聚会等多个餐饮场景的用酒体验，例如，打造嘉士伯亲朋共聚 场景，将1664的法式优雅与精致粤菜融合，用乌苏激发夜宵烟火气氛，以京A风味精酿点亮好友小酌，满足不同客群的社交消费需求。 "此次合作是双方资源互补、互利共赢的重要举措。"嘉士伯中国销售负责人陈波表示，"通过嘉士伯的产品优势与廣順興的渠道影响力，我们将为消费者创 造更多美好时刻，进一步推动啤酒文化与美食文化的深度融合。" 在谈及合作的未来规划时，嘉士伯中国国际品牌业务单元总经理李伟波表示："双方战略合作，将从消费者体验、品牌影响、产品创新维度持续深化，我们 将投入最优质的资源，配备最专业 ...

但我国啤酒的"价格潜力"仍未被完全释放。《报告》指出，目前，我国啤酒的平均零售价在4.5元/升左 右，远低于欧美等成熟市场。即便在总量趋稳的大背景下，品牌依然有通过产品结构升级实现"以价提 质"的空间。 近日，新经销联合舟谱数据共同发布《2024啤酒线下市场研究报告》(以下简称《报告》)，其中的相关 数据证明，面对当前复杂的市场环境，啤酒企业既有压力，也有机遇。 自2013年达到销量高点之后，我国啤酒行业就进入了一个典型的"存量博弈"阶段--不再靠"喝得多"扩展 市场，而是比拼品牌、产品、渠道、效率等综合能力。《报告》显示，去年，全国啤酒销售规模约为 1700亿元，同比下降4%，啤酒行业仍在回调过程中；全国啤酒产量为3521万千升，同比下降0.6%，啤 酒行业整体产销已连续多年处于平台期甚至下行期。 在某些区域市场，高端产品的动销表现已优于中低端品类。在精品市场中，烟酒店渠道的商品交易总额 同比增长25.6%，成为增长最快的渠道之一。消费者更愿意为"更好的产品"买单，高端品类动销明显。 一些经销商在烟酒店渠道的商品交易总额提升超85%，订单履约更及时，基本实现了"多品并举+高效服 务"的组合打法。夫妻店等渠道 ...

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [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 was 883,500 tons, reflecting a 1.93% increase year-on-year, with a slight decrease in beer business price per ton by 0.3% to 4,804 yuan [2]. - The company is focusing on high-end products, with revenue from high-end products (above 8 yuan) reaching 2.603 billion yuan, a year-on-year increase of 1.21% [2]. - The net profit margin improved by 0.7 percentage points to 21.6% in Q1 2025, driven by a decrease in cost per ton by 1.5% [3]. Financial Performance Summary - Revenue projections for 2025-2027 are estimated to grow at 1%, 2%, and 3%, respectively, with corresponding revenues of 14.86 billion, 15.21 billion, and 15.61 billion yuan [3]. - The net profit for the same period is expected to grow by 15%, 5%, and 5%, with net profits of 1.282 billion, 1.352 billion, and 1.421 billion yuan [3]. - The company maintains a stable financial position with a projected PE ratio of 22X, 20X, and 19X for the years 2025, 2026, and 2027, respectively [3]. Market and Product Insights - The company is increasing its investment in non-current drink products, which is showing gradual results, while waiting for the recovery of current drink scenarios [3]. - The revenue from different regions showed balanced growth, with the Northwest region generating 1.178 billion yuan, the Central region 1.835 billion yuan, and the Southern region 1.231 billion yuan in Q1 2025 [2].

投资要点 重庆啤酒(600132) 报告日期：2025 年 05 月 04 日 Q1 业绩略超预期，吨成本改善亮眼 ——重庆啤酒 25Q1 业绩点评报告 ❑ 事件：公司 25Q1 年实现收入 43.55 亿元，同比+1.46%；实现归母净利润 4.73 亿元，同比+4.59%；实现扣非归母净利润 4.67 亿元，同比+4.74%。25Q1 收入 符合预期，业绩略超预期。 ❑ 25Q1 销量恢复增长，产品结构保持平稳 25Q1 公司啤酒业务实现营业收入 43.55 亿元（同比+1.46%），销量为 88.35 万吨 （同比+1.93%），吨价为 4804 元（同比-0.34%）。 分产品来看，25Q1 高档啤酒收入 26.03 亿元(同比+1.21%)、占比下降 0.23pct 至 61.33%；主流啤酒营收 15.50 亿元(同比+1.99%)、占比提升 0.71pct 至 36.52%； 经济档啤酒营收 0.91 亿元（同比+6.09%）、占比提升 0.09pct 至 2.14%。 我们预计 25Q1 产品结构表现延续 24 年趋势，预计嘉士伯、大理、风花雪月、 乐堡等表现较优，乌苏、重庆略有承压。 ❑ 区 ...

Core Viewpoint - The company reported a steady performance in Q1 2025, with revenue and net profit showing modest year-on-year growth despite challenges in the high-end beer segment [1][2]. Financial Performance - Q1 2025 revenue reached 4.36 billion yuan, up 1.5% year-on-year, while net profit attributable to shareholders was 470 million yuan, reflecting a 4.6% increase [1]. - The company achieved a sales volume of 884,000 tons in Q1, marking a 1.9% year-on-year growth despite a high base from the previous year [1]. - The gross margin for Q1 2025 was 48.4%, an increase of 0.5 percentage points year-on-year, driven by declining raw material prices [2]. - The net profit margin improved by 0.7 percentage points to 21.6% in Q1 2025 [2]. Product and Market Dynamics - Revenue growth for different beer segments in Q1 2025 was as follows: high-end beer +1.2%, mainstream beer +2%, and economy beer +6.1% [1]. - The company is focusing on the national expansion of its brands and upgrading its product structure, with expectations for recovery in high-end products as consumer spending improves [2]. Cost Management - The cost per ton decreased by 1.4% year-on-year to 2,543 yuan, contributing to improved profitability [2]. - The sales expense ratio was 12.7%, down 0.4 percentage points, indicating effective cost control [2]. Future Outlook - The company forecasts EPS for 2025-2027 to be 2.53 yuan, 2.72 yuan, and 2.90 yuan, respectively, with corresponding dynamic PE ratios of 23x, 21x, and 20x [3]. - The company maintains a "buy" rating based on its growth prospects and recovery potential in the beer market [3].

证券研究报告·公司点评报告·食品饮料 重庆啤酒（600132） 2025 年一季报点评：销量恢复增长，盈利保 持稳健 增持（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 14,815 | 14,645 | 14,844 | 15,085 | 15,340 | | 同比（%） | 5.53 | (1.15) | 1.36 | 1.63 | 1.69 | | 归母净利润（百万元） | 1,337 | 1,115 | 1,266 | 1,310 | 1,345 | | 同比（%） | 5.78 | (16.61) | 13.59 | 3.50 | 2.67 | | EPS-最新摊薄（元/股） | 2.76 | 2.30 | 2.62 | 2.71 | 2.78 | | P/E（现价&最新摊薄） | 20.53 | 24.62 | 21.67 | 20.94 | 20.39 | [Table_Tag] [Table_Summ ...

公司研究 证 券 研 究 报 告 重庆啤酒（600132）2025 年一季报点评 强推（维持） 开局稳健，股息较优 目标价：67 元 事项： 公司发布 2025 年一季报。公司发布 2025 年一季报，25Q1 公司实现营业收入 43.6 亿元，同增 1.5%；实现归母净利润 4.7 亿元，同增 4.6%；扣非后归母净 利润为 4.67 亿元，同增 4.7%。 评论： 风险提示：高端化不及预期，竞争加剧，成本大幅上行，恶劣天气等。 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 14,645 | 14,830 | 15,040 | 15,274 | | 同比增速(%) | -1.1% | 1.3% | 1.4% | 1.6% | | 归母净利润(百万) | 1,114 | 1,270 | 1,309 | 1,346 | | 同比增速(%) | -16.6% | 13.9% | 3.1% | 2.9% | | 每股盈利(元) | 2.30 ...

4月29日，重庆啤酒（600132）正式发布2025年一季报，今年前3个月，该上市公司实现营业收入43.55 亿元，同比增长1.46%；实现净利润4.73亿元，同比增长4.59%；扣非净利润为4.67亿元，同比增长 4.74%。 近年来，重庆啤酒还持续加码打造新消费场景，拓展品牌触点，激发消费新体验。本土品牌方面，"重 庆啤酒"持续推广"吃重庆火锅，喝重庆啤酒"的重庆体验，加快全国化布局；"乌苏啤酒"继续强化硬核 品牌定位，在成都开设全国第三家乌苏烧烤门店，进一步夯实"吃烧烤，喝乌苏"的消费联想；"风花雪 月"借助云南旅游（002059）热度，紧跟低醇消费趋势，实现快速增长。 目前，重庆啤酒拥有由本地品牌和国际品牌构成的多元品牌组合，包括乌苏、重庆、山城、西夏、大 理、风花雪月、天目湖（603136）、京A等本地品牌，以及嘉士伯、乐堡、1664、布鲁克林、夏日纷等 国际品牌。 进入2025年，重庆啤酒旗下已有6个品牌推出新品，包括"嘉士伯醇滑5°""乌苏啤酒天山原酿""重庆精酿 全麦啤酒1L""西夏X5星空"升级版、"西夏特酿""天目湖全麦芽"，以及京A的"轻盈马赛克""好事橙 双""桃紫幺幺"等多个限定产品 ...

Group 1 - The earthquake in Yunnan's Dali Prefecture, specifically in Eryuan County, registered a magnitude of 4.8 on April 24, with a depth of 10 kilometers, and was followed by a 4.9 magnitude earthquake in Ganzi Prefecture, Sichuan on April 26 [3][5][18] - The local government has terminated the emergency response for the earthquake, indicating that there were no casualties or significant property damage reported [3][17] - The earthquake has raised concerns about potential impacts on tourism during the upcoming May Day holiday, although local hotels are experiencing increased demand and price hikes [10][14][16] Group 2 - The Dali Brewery, a subsidiary of Chongqing Brewery, reported that its operations were unaffected by the earthquake, maintaining normal production activities [4][5] - The Dali Brewery has a production capacity of 430,000 kiloliters, making it the largest production facility under Chongqing Brewery, and has seen significant growth in its brand sales due to local cultural events [7][8] - The cloud of uncertainty surrounding the earthquake has led to a surge in hotel bookings in Eryuan County, with some hotels reporting limited availability and increased prices for the holiday period [14][16] Group 3 - The YunTuo Distillery, a single malt whisky factory established by Diageo, is also located in Eryuan County and reported no disruptions to its operations following the earthquake [8][10] - The distillery is strategically positioned to leverage local natural resources, including the unique Bai culture and the area's tourism potential, which has been recognized by local authorities [8][9] - The distillery is expected to open in November 2024, contributing to the local economy and tourism sector [8]