CBC(SH:600132) INDUSTRIAL SECURITIES·2024-08-19 10:11Investment Rating - The report maintains an "Overweight" rating for the company [3][7]. Core Views - The company reported a revenue of 8.861 billion yuan for the first half of 2024, representing a year-on-year increase of 4.18%, with a net profit attributable to shareholders of 900 million yuan, also up by 4.19% [4]. - In Q2 2024, the revenue was 4.568 billion yuan, showing a year-on-year growth of 1.54%, while the net profit decreased by 5.99% to 449 million yuan [4]. - The beer business generated 4.446 billion yuan in revenue in Q2 2024, a slight increase of 0.86% year-on-year, with sales volume reaching 917,000 tons, up by 1.53% [5]. - The company expects to achieve mid-single-digit revenue growth in 2024, supported by resilient growth in its brands and strategic initiatives [7]. Financial Summary - The company’s projected revenues for 2024-2026 are 15.490 billion, 16.297 billion, and 17.098 billion yuan, respectively, with net profits of 1.407 billion, 1.520 billion, and 1.640 billion yuan [9]. - The gross margin for Q2 2024 was 50.45%, down by 1.00 percentage points year-on-year, primarily due to increased depreciation and amortization costs [6]. - The company’s return on equity (ROE) is projected to increase from 62.5% in 2023 to 66.4% by 2026 [9].