Chongqing Beer (600132) Third Quarterly Report in 1919: Performance in line with expectations

Chongqing Beer (600132) Third Quarterly Report in 1919: Performance in line with expectations
First, the event overview Chongqing Beer released three quarterly reports of 19 years.At the core of the report, the company achieved revenue of 30.25 trillion, +3 for ten years.47%, net profit attributable to mothers5.0.94 million yuan, +54 for ten years.39%, realized non-net profit deduction4.03 trillion, +13 a year.84%.Second, the analysis and judgment of performance are in line with expectations, and significant volume of high-end products has become a highlight. In 19Q1-3, the company achieved revenue of 30.25 trillion, +3 for ten years.47%, equivalent to Q3 single quarter revenue 11.9.3 billion, +2 a year.79%, a slight increase from Q2 QoQ; 19Q1-3 achieved net profit return to mother 5.0.94 million yuan, +54 for ten years.39%, equivalent to Q3 single quarter net profit attributable to mothers3.55 ppm, +103 for ten years.2%, the growth rate increased significantly from the previous quarter; 19Q1-3 realized non-net profit deduction4.03 trillion, +13 a year.84%, of which non-net profit 1 was deducted in Q3.83%, ten years +14.45%, the growth rate has improved.In general, the company’s performance basically met market expectations, and the significant increase in net profit was mainly due to the increase in non-recurring gains and losses in Q3.(1) In terms of products, the 19Q3 company’s revenue growth was mainly due to the volume of high-end beer. Driven by high-end products such as Lebao and Carlsberg, 19Q3 high-end beer achieved revenue1.68 trillion, +15 for ten years.07%, in addition, Q3 single quarter mid-range beer achieved revenue of 8.3.3 billion (+2.56%), low-grade beer achieved revenue1.7.5 billion (+4.85%).From the perspective of sales volume: 19Q1-Q3 company achieved a total sales volume of 79.760,000 liters, previously +0.50%, slightly lower than the industry’s +10 in the same period.70% level, of which 19Q3 achieved sales of 31.49 million kiloliters, previously -2.11%, slightly better than the industry’s previous two years -2.At the level of 4%, the company ‘s sales volume increased in the third and third quarters. (1) Production was advanced at the end of the second quarter, and some production quotas were “overdrawn” in the third quarter.) In the same period last year, the base was relatively high. From the perspective of ton prices: After the upgrading of the product structure, the ton price of beer in 19Q1-3 reached 3793.12 yuan / kilogram, +2 for ten years.97%, of which 19Q3 ton is 3787.14 yuan / kilogram, +5 for ten years.01%, a significant increase from the previous quarter. Our analysis believes that the most important factor is the significant volume of high-end products such as Lebao and Carlsberg in Q3.(2) In terms of regions, the increase in revenue of 19Q3 companies mainly came from Sichuan, and the revenue of 19Q3 companies in Sichuan reached 2.29 trillion, +31 for ten years.50%, indicating that the company ‘s big city strategy continues to be effective (the company chooses 7 to 8 cities in Sichuan to focus on promoting high-end and high-end products); the 19Q3 Chongqing base camp recorded revenue of 8.600,000 yuan, at least -0.21%, the first negative growth this year; in 19Q3, Hunan received 87.37 million yuan in revenue, -2 per year.51%, gradually affected mainly by the closure of the Changde plant. Multiple factors interweave the first three quarters of 19 gross profit margin to double the gross profit margin: 19Q1-3 company’s gross profit margin reached 41.78%, ten years +0.65 units. Against the background of the continuous upward price of glass bottles and barley, the gross profit margin increased against the trend, mainly due to the continuous optimization of product structure + falling prices of packaging materials such as corrugated paper and aluminum cans + a decrease in the growth rate; of which, the gross profit margin in the single quarter of 19Q3For 43.45%, -0 per year.31%. The decrease in gross profit margin was mainly due to the increase in costs caused by the costing of transportation costs in the processing business. Net profit margin: The company’s net profit margin reached 21 in 19Q1-3.84%, a year of significant +7.38 single, mainly due to the increase in non-operating income + increase in gross profit margin + tax and additional revenue share and reduction in management / financial expense ratio: (1) 19Q1-3 non-operating income increased by 1.68 million U.S. dollars, mainly due to the impact of large-scale medical insurance policy adjustments for retirees: the report and the company no longer pay large medical insurance premiums for retirees. It is reported that the benefit plan will be set on September 30, 2019.The change in the plan of the medical insurance was confirmed as the past service cost, which resulted in an extra one in Q3.Non-recurring gains and losses of USD 7 billion; (2) Taxes and additional revenue account for -0 per year.34%, the first is that the continuous increase in ton price has reduced the consumption tax rate; (3) the sales expense rate is -0 per year.56%, our analysis believes that the initial decline is that the report depends on the company’s further focus on deep cultivation of Chongqing. The core market of Sichuan and Hunan (mainly Changde) caused the freight rate to drop. The core market of Sichuan and Hunan (mainly Changde) led to the freight rate.Decline; (4) The financial expense ratio decreased by -0.49%, mainly due to the increase in interest income from seven-day notice deposits. In addition, the sales expense ratio in 19Q1-3 increased by +0.08%, of which Q3 single quarter quarter +0.72%. In partnership with Carlsberg, the company can expect that in 2013, Chongqing Beer will become a member of the Carlsberg Group. According to Carlsberg’s commitment to avoid potential peer competition at that time, Carlsberg will be a domestic beer with potential competition with Chongqing Beer by December 2020Assets and business injected into Chongqing Beer.Carlsberg has developed well in Yunnan, Xinjiang, Tibet, Ningxia, Qinghai and other places, and its profitability is stronger than Chongqing Beer. Therefore, in the future, Carlsberg and the company will realize a strong alliance. The company’s profitability and market share are expected to further increase. Third, investment suggestions We slightly adjust the company’s profit forecast. Without considering the replacement of Carlsberg’s asset injection expectations, it is expected that the company’s operating income for 19-21 will be 35.92 ppm / 37.72 ppm / 39.60 trillion, +3 for ten years.6% / 5.0% / 5.0%; net profit attributable to listed companies is 6.18 ‰ / 5.3.9 billion / 5.94 ‰, +52 for ten years.9% /-12.7% / 10.2%, equivalent to 1.28 yuan / 1.11 yuan / 1.23 yuan, corresponding to PE is 32X / 37X / 33X.The average forecast of comparable companies in 19 is 43 times, and the company ‘s non-performing performance is slightly higher than the higher ratio company. Taking into account the increase in cost efficiency during the gradual progress of the product structure upgrade, it is expected that the company and Carlsberg ‘s joint strength will exist, and future performanceThe growth rate will be faster than the average level of comparable companies, maintaining the “recommended” level. 4. Risk warning: the price of raw materials rises, new product promotion is less than expected,重庆耍耍网 food safety risks, etc.