On February 6, Chongqing Brewery Co.Ltd(600132) (600132. SH) released the announcement of 2021 annual performance express, which is the first annual performance express disclosed by the company after completing the major asset restructuring with Carlsberg at the end of 2020.
According to the announcement data, Chongqing Brewery Co.Ltd(600132) achieved a total operating revenue of 13.1 billion yuan last year, an increase of 20% year-on-year; The net profit attributable to the shareholders of the listed company was 1.167 billion yuan, an increase of 39% over the same period of last year (the same as that after reorganization); The net profit attributable to shareholders of listed companies after deducting non recurring profits and losses was 1.1 billion yuan, an increase of 76% over the same period of last year (the same as that after restructuring).
As the only listed beer company in China to achieve year-on-year growth in sales, revenue and profit in 2020, the sales volume of Chongqing Brewery Co.Ltd(600132) led the beer industry again last year. The announcement shows that last year, the company’s beer sales increased by about 15% over the same period last year, which is much higher than the industry level. According to the National Bureau of statistics, last year, beer enterprises above Designated Size produced 35.62 million kiloliters, a year-on-year increase of 5.6%.
However, the 21st Century Business Herald reporter found that although the sales volume of beer listed companies represented by Chongqing Brewery Co.Ltd(600132) increased significantly year-on-year, under the influence of the epidemic, the consumption growth was slow, and the overall output of the beer industry still did not return to the pre epidemic level. According to the data of the National Bureau of statistics, in 2019, beer enterprises above Designated Size in China completed an output of 37.65 million kiloliters, a slight increase of 1% year-on-year.
The announcement shows that the high performance growth of Chongqing Brewery Co.Ltd(600132) is mainly due to the continuous growth of its main business. First of all, through the restructuring in 2020, Chongqing Brewery Co.Ltd(600132) has obtained a nationwide production, supply and sales network, and has local strong brands such as Wusu, Chongqing, Dali, Xixia, Fenghuaxueyue and jinga, as well as international high-end brands such as Carlsberg, Lebao, 1664, Xia Rifan, Greenberg and Brooklyn. The strong brand portfolio can meet the consumer demand of different scenarios, Enhanced the core competitiveness of Chongqing Brewery Co.Ltd(600132) .
Secondly, continue to promote the strategy of high-end products and improve the overall profitability. Last year, Chongqing Brewery Co.Ltd(600132) continued to innovate in high-end. Carlsberg brand launched “Carlsberg Qishun year” new year clothes, Wusu Beer “Loulan secret brew” in September, and “summer fun” fruit beer last year. Last year, hongwusu was listed on the Nielsen IQ bases breakthrough innovation list through interaction with consumers. In terms of interaction with consumers, Chongqing Brewery Co.Ltd(600132) tried to open a beer specialty hot pot store last year to increase the consumption scene of high-end and specialty beer.
In addition, Chongqing Brewery Co.Ltd(600132) also optimized the organizational structure and practiced strict economy, offsetting part of the force brought by the rising cost. As of November last year, Chongqing Brewery Co.Ltd(600132) the average water consumption of wineries across the country was 2.47h/h, far exceeding the level of the beer industry. Among them, the water consumption of Dazhulin winery was as low as 1.94h/h, reaching the global leading level.
Carlsberg group’s new strategy source: Chongqing Brewery Co.Ltd(600132)
On February 3, Carlsberg group released a new corporate strategy – Yangfan 27. The strategic plan proposes to further strengthen high-end products in the selection of beer portfolio, consolidate the mainstream core beer, strengthen the development of alcohol free beer and expand other categories of beer, so as to continue to succeed in China, create more high-profit base markets and accelerate the development of high potential markets.
After the completion of the restructuring at the end of 2020, Carlsberg group’s high-quality beer assets in China were all injected into the listed company Chongqing Brewery Co.Ltd(600132) , Chongqing Brewery Co.Ltd(600132) becoming the fourth largest beer company in China. Now, whether in terms of sales volume, revenue or operating profit, China has become Carlsberg group’s largest market in the world.
At present, China Resources beer (00291. HK) and Tsingtao Brewery Company Limited(600600) (600600. SH), which have disclosed the announcement of performance pre increase, have achieved significant year-on-year profit growth.
According to the announcement, Tsingtao Brewery Company Limited(600600) is expected to realize a net profit attributable to shareholders of listed companies of about 3.15 billion yuan last year, with a year-on-year increase of about 43%, mainly due to the growth of main business profits and non recurring profits and losses of government land acquisition and storage. In terms of main business, Tsingtao Brewery Company Limited(600600) gave full play to the advantages of brand and quality, actively explored foreign markets, accelerated the upgrading of product structure, reduced costs and increased efficiency, and realized the continuous growth of operating profit. Excluding the compensation for land expropriation is expected to increase the net profit by 436 million yuan, and the net profit realized by the main business of Tsingtao Brewery Company Limited(600600) is 2.714 billion yuan, a year-on-year increase of 23%.
According to the performance pre increase announcement released by China Resources beer on January 26, the profit attributable to shareholders of the company is expected to be 4.4 billion yuan to 4.7 billion yuan last year, a year-on-year increase of 110% – 124%. The expected increase is due to the following reasons: the relocation compensation agreement collects an initial after tax compensation income of about 1.3 billion yuan for a piece of land transferred; The increase in the average selling price of products leads to an increase in gross profit and a decrease in administrative and other expenses.
