按摩

Chongqing Beer (600132) 2019 First Quarterly Report Review: Volume and Price Rise, Steady Supply Chain Optimization Helps Improve Profits

Chongqing Beer (600132) 2019 First Quarterly Report Review: Volume and Price Rise, Steady Supply Chain Optimization Helps Improve Profits
Core point of view The company’s volume and price rose in the first quarter of 2019, and the beer business revenue grew faster than expected, laying a foundation for the gradual performance of the company. At the same time, the company’s supply chain significantly improved efficiency and profitability continued to improve.With the listing of high-end new alcoholic 杭州桑拿网 wheat Guobin, it is optimistic that the company’s product structure will continue to upgrade and maintain a “buy” rating. Performance review: 2019Q1 revenue / net profit both increased by 2.53% 13.39%.The company achieved operating income in Q1 20198.330,000 yuan, an increase of 2.53%; net profit attributable to mother is 85.68 million yuan, an increase of 13.39%; non-net profit deducted 81.2 million yuan, an increase of 71.36%.In terms of profit, gross profit margin also increased by 2.36PCTs, the selling / administrative expense ratio decreased by 0.26/0.50PCT, net profit margin increased by 0.98%. Revenue analysis: The rise in volume and price promoted the steady growth of beer revenue, and the decline in other incomes dragged down the overall revenue growth rate. 2019Q1 company realized revenue 8.3.3 billion, an increase of 2.53%, excluding other income (mainly more than a year of packaging materials deposits converted into income), we estimate that the company’s beer main business income increased by about 8%.In terms of volume, the company’s sales increase by 5 per year.0% to 22.49, of which mid- to high-end products continued to improve; from the perspective of price, after excluding other income, the company’s beer ton price was estimated to increase by about 3%, mainly due to the listing of high-end new alcoholic wheat Guobin, the product structure continued to upgrade. Profit analysis: Structural upgrades and supply chain optimization resulted in improved gross profit margins and continued improvement in operating efficiency.The company’s gross profit margin increased by 2 in Q1 2019.36PCT to 37.40% is mainly due to ① the continuous upgrading of the product structure and the increase in the ton price of the products; ② the continuous improvement of the supply chain and the reduction of manufacturing costs.The sales expense ratio decreases by 0 every year.26PCT, the overhead cost rate drops by 0 every year.50PCT, the company’s operating efficiency is significant; the company’s effective tax rate has been extended and reduced by 7.03PCTs is mainly due to the deduction of deferred income tax assets due to the sale of assets in the same period last year, and the comprehensive tax rate has been reduced.The leading company’s net profit margin has grown for ten years.98PCT to 13.39%. Future outlook: Q1’s beautiful performance will help achieve long-term goals, and we look forward to the performance of Ambassadors.According to the company’s annual report, the company plans to achieve net income after tax of 32 in 2019.50 trillion, the same increase in the number of units, the plan is to achieve sales of 950,000 kiloliters, a flat increase in ten years.In the first quarter of 2019, the company performed well and reached a solid foundation for achieving progressive performance goals.At the same time, the company’s high-end new product, Mai Mai Guobin, is officially listed, which is expected to continue to improve the company’s product structure and help the company develop the mid-to-high-end market. Risk factors: The beer industry is sluggish, product upgrades are not up to expectations, and asset injections are less than expected. Investment suggestion: Maintain the company’s EPS forecast for 2019/2020/20211.01/1.19/1.36 yuan, maintain “Buy” rating.