Financials Chongqing Brewery Co., Ltd.

Equities

600132

CNE000000TL3

Brewers

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-05-15 pm EDT			5-day change	1st Jan Change
74 ^CNY	+0.52%		+1.00%	+11.36%

Apr. 30	Chongqing Brewery's Q1 Profit Rises 17% as Revenue Grows 7%	MT
Apr. 29	Chongqing Brewery Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	25,147	57,588	73,235	61,648	32,160	35,814	-	-
Enterprise Value (EV) ¹	23,897	56,525	70,902	58,274	29,490	31,809	31,597	30,166
P/E ratio	38.2 x	53.4 x	62.8 x	48.8 x	24.1 x	24.2 x	22.2 x	20.7 x
Yield	2.69%	-	1.32%	2.04%	4.21%	4.36%	4.64%	4.99%
Capitalization / Revenue	7.02 x	5.26 x	5.58 x	4.39 x	2.17 x	2.27 x	2.15 x	2.05 x
EV / Revenue	6.67 x	5.17 x	5.4 x	4.15 x	1.99 x	2.02 x	1.9 x	1.73 x
EV / EBITDA	28.7 x	23.8 x	21 x	15.5 x	7.7 x	7.54 x	7.03 x	6.25 x
EV / FCF	41.5 x	17.8 x	24.9 x	20.4 x	13.5 x	10.5 x	10.3 x	8.99 x
FCF Yield	2.41%	5.61%	4.02%	4.89%	7.4%	9.51%	9.73%	11.1%
Price to Book	17.7 x	98.4 x	41.7 x	30 x	15 x	16 x	14.3 x	12.9 x
Nbr of stocks (in thousands)	483,971	483,971	483,971	483,971	483,971	483,971	-	-
Reference price ²	51.96	119.0	151.3	127.4	66.45	74.00	74.00	74.00
Announcement Date	4/17/20	4/27/21	2/6/22	2/7/23	2/7/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	3,582	10,942	13,119	14,039	14,815	15,751	16,637	17,448
EBITDA ¹	831.7	2,378	3,375	3,772	3,830	4,219	4,496	4,828
EBIT ¹	657.6	1,964	2,948	3,299	3,353	3,656	4,012	4,287
Operating Margin	18.36%	17.95%	22.47%	23.5%	22.63%	23.21%	24.11%	24.57%
Earnings before Tax (EBT) ¹	827.3	2,131	2,941	3,299	3,376	3,698	4,060	4,350
Net income ¹	656.9	1,077	1,166	1,264	1,337	1,469	1,615	1,734
Net margin	18.34%	9.84%	8.89%	9%	9.02%	9.33%	9.7%	9.94%
EPS ²	1.360	2.230	2.410	2.610	2.760	3.052	3.329	3.574
Free Cash Flow ¹	576.3	3,170	2,849	2,852	2,181	3,026	3,073	3,357
FCF margin	16.09%	28.98%	21.71%	20.31%	14.72%	19.21%	18.47%	19.24%
FCF Conversion (EBITDA)	69.29%	133.33%	84.39%	75.61%	56.94%	71.71%	68.36%	69.53%
FCF Conversion (Net income)	87.73%	294.41%	244.25%	225.69%	163.17%	205.92%	190.35%	193.61%
Dividend per Share ²	1.400	-	2.000	2.600	2.800	3.223	3.435	3.689
Announcement Date	4/17/20	4/27/21	2/6/22	2/7/23	2/7/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	1,933	3,833	4,103	4,247	1,856	4,006	4,499	8,505	4,524	1,786	4,293	4,750	4,865	1,911	-	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	256.7	927.9	1,011	1,149	211.4	949.5	1,201	2,150	1,217	-14.11	1,106	1,223	1,260	125.5	-	-
Operating Margin	13.28%	24.21%	24.63%	27.06%	11.39%	23.7%	26.69%	25.28%	26.89%	-0.79%	25.76%	25.76%	25.89%	6.57%	-	-
Earnings before Tax (EBT) ¹	-	928	1,010	1,149	211.7	-	1,203	-	1,216	6.984	1,106	1,216	1,330	155.5	-	-
Net income ¹	122.5	340.6	387	454.7	81.3	-	478	865	479.1	-7.492	451.9	493.5	520.5	22.5	-	-
Net margin	6.34%	8.89%	9.43%	10.71%	4.38%	-	10.62%	10.17%	10.59%	-0.42%	10.53%	10.39%	10.7%	1.18%	-	-
EPS ²	0.2500	0.7000	0.8000	0.9400	0.1700	-	0.9900	-	0.9900	-0.0200	0.9300	1.030	1.050	-	-	-
Dividend per Share ²	2.000	-	-	-	2.600	-	-	-	-	-	-	-	-	2.913	-	-
Announcement Date	2/6/22	4/28/22	8/17/22	10/27/22	2/7/23	4/27/23	8/16/23	8/16/23	10/30/23	2/7/24	4/29/24	-	-	-	-	-

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	1,251	1,063	2,333	3,374	2,670	4,005	4,216	5,648
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	576	3,170	2,849	2,852	2,181	3,026	3,073	3,357
ROE (net income / shareholders' equity)	52.5%	45.6%	99.7%	69.3%	67.1%	60.1%	57.9%	55.2%
ROA (Net income/ Total Assets)	19.3%	10.6%	11%	10.5%	10.7%	10.6%	10.5%	9.66%
Assets ¹	3,406	10,192	10,564	12,015	12,442	13,898	15,447	17,945
Book Value Per Share ²	2.930	1.210	3.630	4.250	4.420	4.640	5.170	5.720
Cash Flow per Share ²	1.460	7.620	7.370	7.750	6.400	7.400	7.920	8.290
Capex ¹	107	519	716	901	916	775	688	630
Capex / Sales	3%	4.75%	5.46%	6.42%	6.18%	4.92%	4.14%	3.61%
Announcement Date	4/17/20	4/27/21	2/6/22	2/7/23	2/7/24	-	-	-

¹CNY in Million²CNY

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Chongqing Brewery Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

74 CNY

Average target price

73.46 CNY

Spread / Average Target

-0.73%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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