Changjiang Securities research reports point out that Chongqing Brewery (600132.SH) 24Q3 total revenue was 4.202 billion yuan (a decrease of 7.11% year-on-year), with a net income attributable to the mother of 0.431 billion yuan (a decrease of 10.1% year-on-year). The high-end trend has slowed down, and the company's average price per ton has been negatively impacted in the short term. As a mid- to high-end positioned beer company, the company faces challenges in the current environment, but its market foundation is solid and brand reserves are rich, showing the ability to return to growth after industry improvements; at the same time, the company maintains high dividends, actively rewarding investors. It is expected that the company's EPS for 2024/2025/2026 will be 2.73/2.88/3.11 yuan, corresponding to PEs of 24X/23X/21X, waiting for improvements, and maintaining a 'buy' rating.