CBC(SH:600132) Ping An Securities·2024-10-31 06:42Investment Rating - The investment rating for the company is "Recommended" (maintained) [1] Core Views - The company reported a revenue of 13.063 billion yuan for Q1-Q3 2024, a year-on-year increase of 0.26%, while the net profit attributable to the parent company was 1.332 billion yuan, a decrease of 0.90% year-on-year [3] - The company is experiencing pressure on the demand side and is awaiting structural improvements [1] - The company has shown resilience in operations despite external challenges, with stable beer sales of 2.657 million kiloliters in Q1-Q3 2024, a slight increase of 0.20% compared to the previous year [4] Financial Performance Summary - For Q3 2024, the company achieved a revenue of 4.202 billion yuan, a decrease of 7.11% year-on-year, and a net profit of 431 million yuan, down 10.10% year-on-year [3] - The gross profit margin for Q1-Q3 2024 was 49.20%, a slight increase of 0.01 percentage points year-on-year, while the net profit margin was 20.41%, a decrease of 0.38 percentage points year-on-year [4] - The company’s revenue forecast for 2024-2026 has been adjusted, with expected net profits of 1.355 billion yuan, 1.446 billion yuan, and 1.550 billion yuan respectively [4][5] Product Performance Summary - High-end beer products (priced at 8 yuan and above) saw a revenue decline of 1.24% to 7.625 billion yuan in Q1-Q3 2024, while mainstream beers (priced between 4-8 yuan) had a slight revenue increase of 0.03% to 4.764 billion yuan [4] - Economic beers (priced below 4 yuan) experienced a significant revenue growth of 14.84% to 318 million yuan [4] Regional Performance Summary - The southern region achieved a revenue of 3.685 billion yuan in Q1-Q3 2024, an increase of 1.13%, while the central region's revenue remained flat at 5.349 billion yuan, and the northwest region saw a decrease of 2.50% to 3.673 billion yuan [4] Valuation Metrics - The company’s earnings per share (EPS) for 2024 is projected to be 2.80 yuan, with a price-to-earnings (P/E) ratio of 21.0 [5][9] - The projected P/B ratio for 2024 is 12.9 [9]