Stock 600132 CHONGQING BREWERY CO., LTD.
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Financials Chongqing Brewery Co., Ltd.

Equities

600132

CNE000000TL3

Brewers

End-of-day quote Shanghai S.E.
Other stock markets
 06:00:00 2024-04-25 pm EDT 		5-day change 1st Jan Change
66.5 CNY +4.12% Intraday chart for Chongqing Brewery Co., Ltd. +3.63% +0.08%
Apr. 03 Jefferies Adjusts Chongqing Brewery’s Price Target to 72.10 Yuan From 67.40 Yuan, Keeps at Hold MT
Apr. 02 Chongqing Brewery's Profit Jumps 6% in 2023 as Revenue Rises 5.5% MT

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 25,147 57,588 73,235 61,648 32,160 32,184 - -
Enterprise Value (EV) 1 23,897 56,525 70,902 58,274 29,490 28,731 28,011 26,622
P/E ratio 38.2 x 53.4 x 62.8 x 48.8 x 24.1 x 22.1 x 19.7 x 18.7 x
Yield 2.69% - 1.32% 2.04% 4.21% 4.44% 4.74% 5.07%
Capitalization / Revenue 7.02 x 5.26 x 5.58 x 4.39 x 2.17 x 2.06 x 1.92 x 1.84 x
EV / Revenue 6.67 x 5.17 x 5.4 x 4.15 x 1.99 x 1.84 x 1.67 x 1.52 x
EV / EBITDA 28.7 x 23.8 x 21 x 15.5 x 7.7 x 6.95 x 6.3 x 5.58 x
EV / FCF 41.5 x 17.8 x 24.9 x 20.4 x 13.5 x 10.9 x 9.43 x 8.28 x
FCF Yield 2.41% 5.61% 4.02% 4.89% 7.4% 9.21% 10.6% 12.1%
Price to Book 17.7 x 98.4 x 41.7 x 30 x 15 x 14.1 x 12.7 x 10.5 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 66.50 66.50 66.50
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 15,636 16,727 17,514
EBITDA 1 831.7 2,378 3,375 3,772 3,830 4,132 4,446 4,775
EBIT 1 657.6 1,964 2,948 3,299 3,353 3,631 4,057 4,255
Operating Margin 18.36% 17.95% 22.47% 23.5% 22.63% 23.22% 24.25% 24.3%
Earnings before Tax (EBT) 1 827.3 2,131 2,941 3,299 3,376 3,676 4,110 4,315
Net income 1 656.9 1,077 1,166 1,264 1,337 1,462 1,636 1,722
Net margin 18.34% 9.84% 8.89% 9% 9.02% 9.35% 9.78% 9.83%
EPS 2 1.360 2.230 2.410 2.610 2.760 3.016 3.370 3.547
Free Cash Flow 1 576.3 3,170 2,849 2,852 2,181 2,647 2,971 3,214
FCF margin 16.09% 28.98% 21.71% 20.31% 14.72% 16.93% 17.76% 18.35%
FCF Conversion (EBITDA) 69.29% 133.33% 84.39% 75.61% 56.94% 64.07% 66.83% 67.33%
FCF Conversion (Net income) 87.73% 294.41% 244.25% 225.69% 163.17% 181.06% 181.6% 186.71%
Dividend per Share 2 1.400 - 2.000 2.600 2.800 2.950 3.149 3.372
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 Q3 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
Net sales 1 - 1,933 3,833 4,103 4,247 1,856 4,006 4,499 8,505 4,524 1,786 4,206 4,770 4,828 1,902 -
EBITDA - - - - - - - - - - - - - - - -
EBIT 1 - 256.7 927.9 1,011 1,149 211.4 949.5 1,201 2,150 1,217 -14.11 1,043 1,232 1,248 44.96 -
Operating Margin - 13.28% 24.21% 24.63% 27.06% 11.39% 23.7% 26.69% 25.28% 26.89% -0.79% 24.8% 25.82% 25.84% 2.36% -
Earnings before Tax (EBT) 1 - - 928 1,010 1,149 211.7 - 1,203 - 1,216 6.984 1,106 1,288 1,320 65 -
Net income 1 421.5 122.5 340.6 387 454.7 81.3 - 478 865 479.1 -7.492 382.9 453.1 551.3 54.23 -
Net margin - 6.34% 8.89% 9.43% 10.71% 4.38% - 10.62% 10.17% 10.59% -0.42% 9.1% 9.5% 11.42% 2.85% -
EPS 2 0.8700 0.2500 0.7000 0.8000 0.9400 0.1700 - 0.9900 - 0.9900 -0.0200 0.6792 0.8208 1.214 0.1993 -
Dividend per Share 2 - 2.000 - - - 2.600 - - - - - - - - 2.913 -
Announcement Date 10/28/21 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 - - - - -
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 3,453 4,173 5,562
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 576 3,170 2,849 2,852 2,181 2,647 2,971 3,214
ROE (net income / shareholders' equity) 52.5% 45.6% 99.7% 69.3% 67.1% 58% 55.1% 53.1%
ROA (Net income/ Total Assets) 19.3% 10.6% 11% 10.5% 10.7% 10.6% 10.4% 9.6%
Assets 1 3,406 10,192 10,564 12,015 12,442 13,794 15,770 17,943
Book Value Per Share 2 2.930 1.210 3.630 4.250 4.420 4.710 5.250 6.320
Cash Flow per Share 2 1.460 7.620 7.370 7.750 6.400 7.040 7.570 8.080
Capex 1 107 519 716 901 916 756 695 633
Capex / Sales 3% 4.75% 5.46% 6.42% 6.18% 4.83% 4.15% 3.62%
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
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
27
Last Close Price
66.5 CNY
Average target price
72.54 CNY
Spread / Average Target
+9.08%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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