Investment Rating - The report maintains a "Recommended" rating for the company [6] Core Views - The company reported total revenue of 14.645 billion yuan and a net profit attributable to shareholders of 1.115 billion yuan for 2024, reflecting a year-on-year decline of 1.15% and 16.61% respectively [1] - The company aims to expand its market share and is optimistic about industry recovery in 2025, driven by improved consumer demand and strategic initiatives in high-end non-consumption channels [4] - The company has experienced a slight decline in gross margin due to increased depreciation costs from the new factory and pressure on beer prices, with a gross margin decrease of 0.57 percentage points [3] Revenue and Profit Forecast - Projected revenues for 2025, 2026, and 2027 are 14.937 billion yuan, 15.206 billion yuan, and 15.457 billion yuan, representing year-on-year growth rates of 2.0%, 1.8%, and 1.7% respectively [5] - Expected net profits for the same years are 1.285 billion yuan, 1.340 billion yuan, and 1.388 billion yuan, with growth rates of 15.3%, 4.3%, and 3.6% respectively [5] Market Position and Strategy - The company maintained its market share despite a 0.75% decline in sales volume, achieving a market share increase of approximately 0.3 percentage points [2] - The company is actively promoting high-end products and enhancing its product matrix and digital marketing strategies to adapt to changing market conditions [2][4] Financial Metrics - The company reported a slight decrease in beer price per ton by 1.14%, with revenue from high-end, mainstream, and economy beers showing varied performance [2] - The company has a high dividend payout ratio of 104% for 2024, indicating strong cash flow management [4]

Investment Rating - The investment rating for Chongqing Beer is maintained as "Buy" [8] Core Views - The company's performance in 2024 met expectations, with revenue of 14.645 billion yuan, a year-on-year decrease of 1.15%, and a net profit attributable to shareholders of 1.115 billion yuan, down 16.61% year-on-year. The fourth quarter of 2024 saw revenue of 1.582 billion yuan, a decline of 11.45% year-on-year, and a net loss of 217 million yuan, compared to a loss of 7 million yuan in the same period last year. The lower net profit was primarily due to a provision for expected liabilities of 254 million yuan related to litigation [1] Summary by Sections Revenue and Sales Performance - In 2024, the total sales volume was 2.9749 million tons, a decrease of 0.75% year-on-year, with an average price of 4,923 yuan per ton, down 0.40% year-on-year. The fourth quarter sales volume was 317,900 tons, a decline of 8.07% year-on-year, with an average price of 4,975 yuan per ton, down 3.68% year-on-year. The high-end beer sales ratio increased, with premium revenue down 2.97% (volume up 1.37%, price down 4.3%), mainstream revenue down 1.02% (volume down 3.81%, price up 2.9%), and economy revenue up 15.56% (volume up 13.49%, price up 1.8%) [2] Regional Performance - The South region performed relatively well, while the Northwest and Central regions faced challenges. In 2024, the Northwest, Central, and South regions generated revenues of 3.884 billion, 5.969 billion, and 4.316 billion yuan, respectively, with year-on-year changes of -3.46%, -1.88%, and -0.42%. In Q4 2024, revenues were 211 million, 620 million, and 631 million yuan, with year-on-year changes of -17.47%, -15.57%, and -8.59%. The South region's revenue share increased by 0.45 percentage points to 30.46%, mainly driven by tourism recovery in regions like Yunnan and Guangxi [3] Profitability and Costs - The company's gross margin and net profit margin in 2024 decreased by 0.58 and 2.94 percentage points to 48.57% and 15.36%, respectively. In Q4 2024, the gross margin and net profit margin decreased by 5.42 and 26.53 percentage points to 43.38% and -26.38%, respectively. The cost per ton based on operating costs was 2,532 yuan, up 0.72% year-on-year, while the cost per ton for beer business was 2,396 yuan, down 1.06% year-on-year [4][5] Future Outlook - For Q1 2025, a slight growth is expected, with beer consumption showing signs of recovery. The company anticipates a modest increase in revenue and profit for the first quarter. For the full year 2025, growth in sales is expected to be driven by the recovery of dining scenarios, with stable expense ratios. The cost per ton will need to be monitored based on sales performance, with potential increases in depreciation and amortization costs from the Foshan factory, although improvements in raw material procurement costs and transportation costs may offset some of these increases [6] Earnings Forecast and Valuation - The revenue growth rates for 2025-2027 are projected at 2.0%, 2.6%, and 2.6%, while the net profit growth rates are expected to be 14.4%, 4.4%, and 4.3%. The earnings per share (EPS) are forecasted to be 2.6, 2.8, and 2.9 yuan per share, with price-to-earnings (PE) ratios of 22.7, 21.7, and 20.8 times, respectively. The current valuation is considered cost-effective, supporting the "Buy" rating [7]

盈利预测与投资建议 维持稳健高分红比例，或有事项影响落地 核心观点 公司主要财务信息 | 风险提示 | | | | | | | --- | --- | --- | --- | --- | --- | | | 2023A | 2024A | 2025E | 2026E | 2027E | | 营业收入(百万元) | （此处简单列示风险，正文需单独对风险提示详细展开描述） 14,815 | 14,645 | 15,057 | 15,428 | 15,737 | | 同比增长 (%) | 5.5% | -1.1% | 2.8% | 2.5% | 2.0% | | 营业利润(百万元) | 3,353 | 3,185 | 3,346 | 3,531 | 3,699 | | 同比增长 (%) | 1.6% | -5.0% | 5.1% | 5.5% | 4.8% | | 归属母公司净利润(百万元) | 1,337 | 1,115 | 1,352 | 1,427 | 1,497 | | 同比增长 (%) | 5.8% | -16.6% | 21.3% | 5.6% | 4.8% | | 每股收益（元） | 2.76 | 2 ...

证券研究报告·公司点评报告·食品饮料 重庆啤酒（600132） 2024 年报点评：符合预期，期待改善 2025 年 04 月 04 日 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） | 14815 | 14645 | 14844 | 15085 | 15340 | | 同比（%） | 5.53 | (1.15) | 1.36 | 1.63 | 1.69 | | 归母净利润（百万元） | 1337 | 1115 | 1266 | 1310 | 1345 | | 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） | 21.51 | 25.79 | 22.71 | 21.94 | 21.37 | [Table_Tag] [Table_Summ ...

证券研究报告·公司点评报告·食品饮料 重庆啤酒（600132） 2024 年报点评：符合预期，期待改善 2025 年 04 月 04 日 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） | 14815 | 14645 | 14844 | 15085 | 15340 | | 同比（%） | 5.53 | (1.15) | 1.36 | 1.63 | 1.69 | | 归母净利润（百万元） | 1337 | 1115 | 1266 | 1310 | 1345 | | 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） | 21.51 | 25.79 | 22.71 | 21.94 | 21.37 | [Table_Tag] [Table_Summ ...

4月2日，重庆啤酒股份有限公司（以下简称"重庆啤酒"）发布2024年年度报告和ESG报告。作为国内五大啤酒龙头之一，在重庆、四川、湖南等地建立起 了地域性消费忠诚度的重庆啤酒，"重庆"或"山城"两大本地品牌贡献了重庆啤酒在重庆市场80%的销量。除去能打的本土产品外，重庆精酿白啤、重庆精 酿黑啤等新品正在帮助重庆啤酒实现针对全国市场的布局，并实现高端化突破。 值得一提的是，围绕"零碳足迹""零水浪费""零农业足迹""零包装浪费"四个零目标稳步推进的重庆啤酒，在嘉士伯集团的带领下，正在从"减碳"实现"增 收"，进一步降低上下游的碳足迹，实现环保优势与盈利能力的结合。 本土"王者"，走向全国 4月2日，重庆啤酒财报显示，2024年，重庆啤酒盈利能力继续位居行业前列，全年实现营业收入146.45亿元，归母扣非净利润12.22亿元，营业利润31.85 亿元。啤酒业务毛利率达49.71%，每百升营收492元，加权平均净资产收益率达60.17%。 从啤酒销量来看，2024年全年重庆啤酒啤酒销量达297.49万千升，实现了领先行业的稳健表现。 事实上，作为国内五大啤酒龙头之一，重庆啤酒的核心市场位于重庆、四川、湖南等地。在重 ...

2025 年 4 月 3 日 公司研究 24 年业绩承压，关注改革进展 ——重庆啤酒（600132.SH）2024 年年报点评 买入（维持） 当前价：59.82 元 作者 wanghangyu@ebscn.com 分析师：聂博雅 执业证书编号：S0930522030003 021-52523808 nieboya@ebscn.com | 市场数据 | | | --- | --- | | 总股本(亿股) | 4.84 | | 总市值(亿元)： | 289.51 | | 一年最低/最高(元)： | 49.68/75.22 | | 近 3 月换手率： | 55.82% | 股价相对走势 -17% -8% 1% 11% 20% 03/24 06/24 09/24 12/24 重庆啤酒 沪深300 | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y | | 相对 | 8.32 | -5.37 | -11.25 | | 绝对 | 7.63 | -3.08 | -3.02 | | 资料来源：Wind | | | | 分析师：陈彦彤 执业证书编号：S0930 ...

本报（chinatimes.net.cn）记者周梦婷 北京报道 4月3日，就此案件，重庆啤酒再次发布公告称，"公司继续积极准备二审，争取二审法院改判或发回重 审的结果，切实维护公司及全体股东的合法权益。" 在酒类分析师蔡学飞看来，重庆啤酒与重庆嘉威之间的纠纷对其经营发展已经造成影响。蔡学飞对本报 记者分析表示，"与重庆嘉威旷日持久的法律纠纷干扰了企业品牌与渠道信心，造成了市场观望心态， 亦影响了企业市场战略的执行。" 2024年，重庆啤酒本地品牌表现有些失速。在品牌组合方面，该公司分为国际品牌和本地品牌，2024 年，两者营收占比分别为36.2%、60.5%，其中国际品牌有嘉士伯、乐堡、1664等，本地品牌有乌苏、 重庆、山城、西夏、大理等。2024年，在其国际品牌销售量同比增长4.41%，收入与上年同期几乎无变 化的情况下，其本地品牌收入同比下滑3.3%，销售量同比下滑2.75%。 高端化陷入瓶颈 在与联营子公司重庆嘉威啤酒有限公司（下称"重庆嘉威"）的合同纠纷过程中，重庆啤酒尝到了"苦 头"。4月2日晚，重庆啤酒发布年报显示，2024年，其营收净利润双双下滑，其中净利润同比下滑 16.61%，对于净利润下 ...

每经记者 熊嘉楠 每经编辑 叶峰 4月2日晚，重庆啤酒在发布的财报中明确指出，利润的下滑，主要由于"非主营业务"，即此前因与重庆 嘉威啤酒的合同纠纷，导致重庆啤酒的子公司计提预计负债约2.54亿元。 值得注意的是，公司2024年归属于上市公司股东的净利润约为11.15亿元，同比下滑16.61%。对于利润 下滑，公司在财报中表示主要由于"非主营业务"。 重庆啤酒称，基于会计谨慎性原则，2024年，公司下属实施该包销业务的控股子公司嘉士伯重庆啤酒有 限公司计提预计负债约2.54亿元。不过，公司在今日公告中强调：公司已提起上诉，一审判决未生效。 从诉讼策略来看，重庆啤酒此次上诉提出的核心诉求是：要求撤销一审判决，改判或发回重审；其中改 判请求为"驳回嘉威的全部诉讼请求，支持公司的反诉请求"。 而在描述诉讼的基本情况时，重庆啤酒指出，重庆嘉威于2023年10月11日向重庆五中院提交《民事起诉 状》，案件一审与2024年9月18日正式开庭。2025年3月13日，公司收到一审判决。目前重庆啤酒已向重 庆高院提起上诉并于4月2日，也就是2024年度报告发布当天缴纳上诉费。 而就在不到24小时的时间里，4月3日下午，重庆啤酒 ...

非白酒 重庆啤酒（600132.SH） 证券研究报告/公司点评报告 2025 年 04 月 03 日 | 公司盈利预测及估值 | 买入（维持） | 评级： | 指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 14,815 | 14,645 | 14,834 | 15,136 | 15,502 | 分析师：熊欣慰 | 增长率 | 6% | -1% | 1% | 2% | 2% | yoy% | | 归母净利润（百万元） | 1,337 | 1,115 | 1,240 | 1,272 | 1,311 | 执业证书编号：S0740519080002 | 增长率 | 6% | -17% | 11% | 3% | 3% | yoy% | | Email：xiongxw@zts.com.cn | 每股收益（元） | 2.76 | 2.30 | 2.56 | 2.6 ...