Gelonghui, December 24 | The Central China Research Reports pointed out that Chongqing Brewery (600132.SH) saw a consecutive year-on-year decline in sales cash for products in the second and third quarters for two consecutive quarters. In addition to daily consumption, dining, late-night snacks, bars and other venues are important scenes for beer consumption. It is expected that the reduction in these scenes is a significant reason for the decrease in beer revenue. With a larger decrease in costs, the company's sales gross margin has increased. In the first three quarters of 2024, the company's sales gross margin was 49.2%, an increase of 0.01 percentage points year-on-year. Referencing the closing price of 63.9 yuan on December 20, the corresponding PE ratios are 23.29 times, 22.46 times, and 21.74 times, respectively, lowering the company's rating to "cautiously increase shareholding."