CBC(SH:600132) Xin Lang Cai Jing·2025-05-03 06:24Core Viewpoint - The company reported a steady performance in Q1 2025, with revenue and net profit showing modest year-on-year growth despite challenges in the high-end beer segment [1][2]. Financial Performance - Q1 2025 revenue reached 4.36 billion yuan, up 1.5% year-on-year, while net profit attributable to shareholders was 470 million yuan, reflecting a 4.6% increase [1]. - The company achieved a sales volume of 884,000 tons in Q1, marking a 1.9% year-on-year growth despite a high base from the previous year [1]. - The gross margin for Q1 2025 was 48.4%, an increase of 0.5 percentage points year-on-year, driven by declining raw material prices [2]. - The net profit margin improved by 0.7 percentage points to 21.6% in Q1 2025 [2]. Product and Market Dynamics - Revenue growth for different beer segments in Q1 2025 was as follows: high-end beer +1.2%, mainstream beer +2%, and economy beer +6.1% [1]. - The company is focusing on the national expansion of its brands and upgrading its product structure, with expectations for recovery in high-end products as consumer spending improves [2]. Cost Management - The cost per ton decreased by 1.4% year-on-year to 2,543 yuan, contributing to improved profitability [2]. - The sales expense ratio was 12.7%, down 0.4 percentage points, indicating effective cost control [2]. Future Outlook - The company forecasts EPS for 2025-2027 to be 2.53 yuan, 2.72 yuan, and 2.90 yuan, respectively, with corresponding dynamic PE ratios of 23x, 21x, and 20x [3]. - The company maintains a "buy" rating based on its growth prospects and recovery potential in the beer market [3].