CBC(SH:600132) Guolian Securities·2024-08-16 08:03Investment Rating - The investment rating for the company is "Buy" [7][11]. Core Insights - The company's revenue for H1 2024 reached 8.861 billion yuan, a year-on-year increase of 4.18%, with a net profit attributable to shareholders of 900 million yuan, also up 4.19% year-on-year [11]. - The company is expected to achieve revenues of 15.632 billion, 16.461 billion, and 17.229 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 5.52%, 5.30%, and 4.67% [3][11]. - The company maintains a strong growth outlook, supported by a multi-brand strategy and a focus on various price segments, leading to stable revenue performance and a leading dividend payout ratio in the industry [3][11]. Financial Performance Summary - In H1 2024, the company achieved a sales volume of 1.7838 million kiloliters, a year-on-year increase of 3.30%, with an average price per ton of 4,967.31 yuan, up 0.86% year-on-year [11]. - The gross profit margin for H1 2024 was 49.22%, an increase of 0.73 percentage points year-on-year, while the net profit margin remained stable at 10.17% [11]. - The company’s total assets are projected to grow from 12.498 billion yuan in 2022 to 19.116 billion yuan by 2026, reflecting a robust growth trajectory [14].