CBC(SH:600132) ZHONGTAI SECURITIES·2024-10-31 07:33Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing short-term pressure on both volume and price, leading to a decline in profitability [1] - Revenue for the first three quarters of 2024 reached 13.063 billion yuan, a year-on-year increase of 0.26%, while net profit attributable to shareholders was 1.332 billion yuan, a decrease of 0.90% [1] - The report anticipates a decline in earnings forecasts due to short-term pressures on sales volume and average price [1] Financial Summary - Revenue (in million yuan): - 2022A: 14,039 - 2023A: 14,815 - 2024E: 14,842 - 2025E: 15,488 - 2026E: 16,135 [1] - Net profit (in million yuan): - 2022A: 1,264 - 2023A: 1,337 - 2024E: 1,304 - 2025E: 1,422 - 2026E: 1,519 [1] - Earnings per share (in yuan): - 2022A: 2.61 - 2023A: 2.76 - 2024E: 2.69 - 2025E: 2.94 - 2026E: 3.14 [1] - The company’s gross profit margin for Q3 2024 decreased by 1.35 percentage points to 49.17% [1] - The report projects a decrease in net profit margins for 2024, with a forecast of 13.04 billion yuan, 14.22 billion yuan, and 15.19 billion yuan for 2024, 2025, and 2026 respectively [1] Market Performance - The company’s stock price as of October 30, 2024, is 58.85 yuan, with a market capitalization of approximately 28.48 billion yuan [2] - The report indicates that the company is expected to outperform the benchmark index by over 15% in the next 6-12 months [4]