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Chongqing Brewery (600132): The company's volume and price are under pressure due to damage to on-premises consumption, awaiting the recovery of the situation.
Event description: The company's total revenue in 2024 is 14.64 billion yuan (year-on-year -1.1%); net income attributable to shareholders is 1.11 billion yuan (year-on-year -16.6%), adding back the lawsuit compensation, the restored net income attributable to shareholders is 1.25 billion yuan (same
Chongqing Brewery (600132) 2024 annual report review: The product structure in 2024 is under pressure, but performance is expected to improve in 2025 due to a low base.
Event: The company released its annual report for 2024, achieving a revenue of 14.645 billion yuan (-1.15%), a net income attributable to the parent company of 1.115 billion yuan (-16.61%), and a net income attributable to the parent company excluding non-recurring items of 1.222 billion yuan.
Chongqing Brewery (600132) company information update report: Demand is stabilizing and is expected to recover by 2025.
High dividends are expected to continue, maintaining a "Shareholding" rating. In 2024, the company's revenue is expected to be 14.65 billion yuan, a year-on-year decrease of 1.1%; net income attributable to the parent company before and after adjustments is 1.11 and 1.22 billion yuan, with year-on-year decreases of 16.6% and 7.03% respectively.
Chongqing Brewery (600132): Dividends remain high while structural performance continues to be under pressure.
The company's high-end liquor structure in 2024 remains under pressure, leading to a year-on-year decline in ton price, while tax policies and litigation costs impact profitability, with revenue/net income down by 1.2%/-16.6% year-on-year. In 2025, domestic demand is expected to strengthen, driving the beer consumption in the present.
Chongqing Brewery (600132): Pressure on quantity and profit in Q4, waiting for subsequent demand improvement.
2024 performance breakdown: 2024 revenue of 14.64 billion yuan, -1.2% year-on-year; net profit attributable to the parent of 1.11 billion yuan, -16.6% year-on-year, and net profit excluding non-recurring items of 1.22 billion yuan, -7.0% year-on-year. Q4
Chongqing Brewery (600132): Short-term pain is for long-term healthier development; maintaining a "Buy" rating.
The weak performance of Chongqing Beer in Q4 2024 is mainly due to the negative impact brought by the company's proactive short-term efforts to clear channel inventory. According to our research, the company's current channel inventory has returned to a healthier level. Considering the company is stable in Q1 2025.