CBC(SH:600132) Xinda Securities·2024-08-20 07:30Investment Rating - The investment rating for the company is "Buy" [1]. Core Views - The report highlights steady growth in sales and anticipates structural improvements in the company's performance [1]. - In Q2 2024, the company achieved revenue of 45.68 billion yuan, a year-on-year increase of 1.5% [1]. - The report notes that the sales volume increased by 1.5% to 92 million kiloliters, while the price per ton remained stable at 4,982 yuan, primarily due to weakened consumer purchasing power [1]. - The report emphasizes the company's core competitiveness lies in its brand matrix and product innovation, which are seen as key to long-term growth [1]. Financial Summary - For the fiscal year 2022, the total revenue was 14,039 million yuan, with a year-on-year growth rate of 7.0% [2]. - The net profit attributable to the parent company for 2022 was 1,264 million yuan, reflecting an 8.3% year-on-year increase [2]. - The gross profit margin for 2022 was 50.5% [2]. - The report projects the company's earnings per share (EPS) to be 2.89 yuan in 2024, 3.12 yuan in 2025, and 3.30 yuan in 2026 [1][2]. - The price-to-earnings (P/E) ratio is expected to decrease from 21.74 in 2022 to 17.20 in 2026 [2].