CBC(600132) 国联证券·2024-11-03 04:14Investment Rating - The investment rating for the company is "Buy" and is maintained [5][7]. Core Views - The company reported a decline in revenue and profit in Q3 2024, with revenue at 4.202 billion yuan, down 7.11% year-on-year, and net profit at 431 million yuan, down 10.10% year-on-year. The decrease is attributed to high base effects from the previous year and weaker demand in the restaurant and nightlife sectors [3][7]. - Despite the current challenges, the company is expected to achieve stable growth in the future, supported by a leading dividend payout ratio in the industry [3][7]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 13.063 billion yuan, a slight increase of 0.26% year-on-year, while net profit was 1.332 billion yuan, down 0.90% year-on-year [7]. - In Q3 2024, the company’s sales volume and average price per ton decreased by 5.59% and 1.61% respectively, indicating pressure on both volume and pricing [7]. - The product sales breakdown for Q3 2024 shows high-end, mainstream, and economic products generating sales of 2.362 billion yuan, 1.590 billion yuan, and 132 million yuan respectively, with economic products showing a year-on-year increase of 19.97% [7]. - The gross margin for Q3 2024 was 49.17%, a decrease of 1.35 percentage points year-on-year, influenced by changes in product mix and increased depreciation from new factory operations [7]. - The company forecasts revenues of 14.878 billion yuan, 15.180 billion yuan, and 15.485 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 1.324 billion yuan, 1.361 billion yuan, and 1.445 billion yuan [7][8].