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 mother was 1,597 billion yuan, up 10.06% year on year. Huaxin Securities said that Chongqing Beer's rate for the first quarter was properly controlled, and the increase in gross margin boosted profit levels; high-end beer maintained rapid growth and promoted continuous structural upgrading; and maintained a “buy” investment rating. Huachuang Securities said that the declining cost of Tsingtao Brewery in the first quarter led to a high increase in gross margin. Combined with lean sales expenses, the same 10% increase slightly exceeded expectations; the cost dividend can be expected to accelerate quarterly, maintaining a target price of 105 yuan and a “strong push” rating for one year.