Hong Kong A change丨Chongqing Brewery and Tsingtao Brewery led the beer sector, and Q1 net profit increased 16.78% and 10.06% year over year, respectively
Gelonghui April 30 | Beer stocks in Hong Kong and A rose collectively. Among them, Chongqing Beer (600132.SH) and Tsingtao Brewery AH shares both rose more than 4%, China Resources Brewery (0291.HK) rose 3%, and Yanjing Brewery (000729.SZ) rose nearly 3%. According to the financial report released last night, Chongqing Beer achieved revenue of 4.293 billion yuan in the first quarter of 2024, up 7.16% year on year; net profit to mother was 452 million yuan, up 16.78% year on year. Tsingtao Brewery's revenue for the first quarter of 2024 was 10.15 billion yuan, down 5.19% year on year; net profit to mother1
年報2023
Hong Kong Stock Afternoon Review | The three major indices strengthened, and the Tech Index rose nearly 3%; TechNet stocks had the highest gains, with Kuaishou up more than 7% and Meituan up more than 6%
Auto stocks had mixed ups and downs. NIO rose more than 5%, Ideal Auto fell more than 3%; many copper stocks fell, and China's nonferrous mining and mining resources fell nearly 3%.
Express News | China Resources Drinks (Holdings) Co., Ltd. submitted a listing application to the Hong Kong Stock Exchange. The co-sponsors are Bank of America Securities, Bank of China International, CITIC Securities, and UBS Group.
A quick look at the Hong Kong market | The three major indices have risen one after another. Technet stocks have generally risen, Tencent and Meituan have risen by more than 5%; Ideal has fallen by more than 8%
Many coal stocks fell sharply; Mongolian coking coal and China Coal Energy fell more than 6%; petroleum stocks fell, CNOOC Services fell more than 3%, and CNPC fell nearly 3%.
Hong Kong Stock Concept Tracking | Valuation has reached the bottom of history, and institutions are optimistic about the beer industry improving (with concept stocks)
Benefiting from post-pandemic demand recovery, China's beer industry produced 35.555 million kiloliters (yoy +0.3%) in 2023, but there is still a gap compared to 2019. Judging from the price point of view, the upgrading trend in China's beer industry is slowing down or not downgrading, and the gross sales gap of enterprises continues to rise. In 2023, the number of domestic catering companies cancelled nearly 1.3 million, more than double that of 2022. The ready-to-drink scene is recovering slowly as the main position for upgrading the beer structure, compounding the pressure on overall consumption power. The high-end trend has slowed down, but the mid-tier products of wine companies have maintained good growth. The tonnage prices of major domestic wine companies all achieved low to medium single-digit growth in 2023
Intraday Overview | The three major indices all rose more than 2%! Tencent and Meituan increased by about 5%
TechNet stocks strengthened, with Kuaishou, JD, and NetEase up about 4%, and Bilibili and Alibaba about 3%.
Changes in Hong Kong stocks | China Resources Breweries (00291) rose nearly 7%, leading the beer stock industry is about to break out of a high sales base, institutions say the peak season is worth looking forward to
Beer stocks picked up in early trading. As of press release, China Resources Brewery (00291) rose 6.81% to HK$34.5; Tsingtao Brewery shares (00168) rose 5.73% to HK$54.4; and Budweiser Asia Pacific (01876) rose 2.99% to HK$10.34.
Dongwu Securities: The beer industry is still in the structural upgrade dividend period, and the 2024 peak season is worth looking forward to
The Zhitong Finance App learned that Dongwu Securities released a research report saying that beer is selling well in 2024Q1. This year, various wine companies will make structural improvements and profit protection their strategic priorities this year to further cultivate their strong markets. There is room for price increases and fee reductions for some products, and structural upgrades continue. At the same time, companies tend to control spending in competitors' strong markets to improve cost efficiency. Profitability is expected to continue to improve. With the pro-cyclical scenario recovering, the 2024 peak season is worth looking forward to. Currently, the stock prices of high-quality stocks with performance support in the sector are at the lower limit of historical valuation, and there is plenty of room for improvement. Recommended: Tsingtao Brewery (60060
Changes in Hong Kong stocks | The collective recovery of beer stocks during the peak season catalyzes falling costs or releasing dividends, and there is still plenty of room for high-end beer
Beer stocks picked up collectively. As of press release, Tsingtao Brewery shares (00168) rose 3.6% to HK$53.3; China Resources (00291) rose 2.49% to HK$32.9; and Budweiser Asia Pacific (01876) rose 1.42% to HK$10.02.
Express News | Jinhong Gas held a mass production gas supply ceremony for China Resources Microelectronics's Wuxi Electronics Bulk Carrier Gas Project
Express News | China Resources Shuanghe: Some of the subsidiary's products have obtained drug registration certificates
Express News | A batch of 6 parcels in the second half of Shanghai began selling for a total price of 11.23 billion yuan on April 16
China Resources Beer (0291.HK): Pack lightly and move forward fast
Declining costs and a continuous product upgrade strategy are expected to drive both the profit margin and net profit of the beer business. Liquor revenue is expected to resume healthy growth, which in turn will drive improvements in operating leverage. The “Buy” rating was reaffirmed, and the target price was lowered to HK$39.50 (
Fangzheng Securities: There is still plenty of room for high-end beer to welcome value layout opportunities under undervaluation
Fangzheng Securities released a research report saying that there is still plenty of high-end space and strong certainty. The current valuation is at a historically low level, which has ushered in value layout opportunities. The bank believes that the current leading valuation has fallen back to a low level of nearly five years, and there are value layout opportunities. It is recommended to focus on China Resources Beer (00291.HK), which has “an alpha single product Heinekinek+strong channel control”; Tsingtao Brewery (600600.SH), which “has strong control over the base market and obvious acceleration of the non-base market”; “the reform process is accelerated and profits continue to be realized” Yanjing Beer (000729.SZ); the emphasis on “continuous channel reform, outstanding brand matrix characteristics”
Fangzheng Securities: There is still plenty of high-end space, and the beer sector ushered in value layout opportunities
According to Fangzheng Securities, there is still plenty of room for high-end beer and strong certainty. Currently, the beer industry's valuation is at a historically low level, ushering in value layout opportunities.
Express News | Has imported mineral water from China Resources Wanjia failed the inspection? Danone responds: The products involved were not officially imported by Evian
Express News | China Resources New Energy and others set up wind power companies in Caoxian County with a registered capital of 1.1 billion
Express News | Electricity, wind power, etc. set up a wind power company with 1.1 billion yuan in Caoxian County
First Shanghai: Maintaining China Resources Beer (00291.HK)'s “Buy” Rating Target Price of HK$41.3
First Shanghai released a research report stating that it maintains the “buy” rating of China Resources Brewery (00291.HK). The estimated profit forecast for 2024-2026 is 60.7/70.2/8.03 billion yuan, with a target price of HK$41.3. Despite changes in the current domestic economic environment, the bank believes that the consensus on overall upgrading and efficiency improvement in the beer industry has not changed. The company's target for the growth of the second-highest core beer product is firm. It is expected that future profits will continue to increase, and the liquor business is expected to gradually accelerate after adjustments.
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