CBC(600132) 太平洋·2024-05-07 10:00Investment Rating - The report maintains an "Accumulate" rating for Chongqing Beer (600132) with a target price of 75.00 CNY, compared to the last closing price of 73.32 CNY [1]. Core Views - Chongqing Beer reported a strong Q1 2024 performance with revenue of 4.293 billion CNY, a year-on-year increase of 7.16%, and a net profit attributable to shareholders of 452 million CNY, up 16.78% year-on-year. The growth in both volume and price exceeded expectations [2]. - The company aims for revenue growth in the mid to high single digits for 2024, supported by a high-end product strategy and the introduction of new products [4]. - The gross margin for Q1 2024 reached 47.90%, an increase of 2.7 percentage points year-on-year, driven by a 3.3% decrease in unit costs to 2,580 CNY per thousand liters [4]. Summary by Sections Financial Performance - For Q1 2024, Chongqing Beer achieved a revenue of 4.293 billion CNY, with a net profit of 452 million CNY, reflecting strong growth in both sales volume and pricing [2]. - The company’s revenue is projected to grow from 14.815 billion CNY in 2023 to 15.737 billion CNY in 2024, with a growth rate of 6.23% [4]. - The net profit is expected to increase from 1.337 billion CNY in 2023 to 1.450 billion CNY in 2024, with a growth rate of 8.46% [4]. Cost and Margin Analysis - The report indicates a significant improvement in cost management, with a notable decrease in unit costs contributing to enhanced profitability [4]. - The net profit margin for Q1 2024 was reported at 20.94%, an increase of 1.60 percentage points year-on-year, attributed to lower raw material prices [4]. Strategic Outlook - The company is focusing on a high-end product strategy, with plans to launch new products and enhance brand promotion across various channels [4]. - The introduction of new products such as craft white beer and summer packaging is part of the ongoing high-end strategy [4].