CBC(SH:600132) Haitong Securities·2024-11-03 13:19Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company reported a total revenue of 13.063 billion yuan for the first three quarters of 2024, a year-on-year increase of 0.3%, while the net profit attributable to the parent company was 1.332 billion yuan, a decrease of 0.9% [3] - In Q3 2024, the company achieved a total revenue of 4.202 billion yuan, a year-on-year decline of 7.1%, with a net profit of 431 million yuan, down 10.1% year-on-year [3] - The weak demand has put pressure on both volume and price, with Q3 2024 beer revenue down 7.9% to 4.084 billion yuan, and beer sales and average price down 5.6% and 2.4% respectively [3] - The company’s gross margin slightly decreased by 1.4 percentage points to 49.2% in Q3 2024, with a net profit margin of 10.3%, down 0.3 percentage points year-on-year [4] - The company expects EPS for 2024-2026 to be 2.75, 2.85, and 2.93 yuan per share respectively, and maintains a target PE of 20-25 times for 2024, corresponding to a fair value range of 54.94-68.67 yuan [4] Summary by Sections Financial Performance - For the first three quarters of 2024, total revenue was 13.063 billion yuan, with a slight increase of 0.3% year-on-year, while net profit was 1.332 billion yuan, down 0.9% [3] - Q3 2024 saw a revenue of 4.202 billion yuan, a decrease of 7.1% year-on-year, and a net profit of 431 million yuan, down 10.1% [3] - The company’s gross margin for Q3 2024 was 49.2%, a decrease of 1.4 percentage points year-on-year [4] Revenue Breakdown - In Q3 2024, revenue from high-end, mainstream, and economy beers decreased by 5.8%, 7.7%, and 12.6% respectively [3] - Revenue from different regions in Q3 2024 showed declines, with the Northwest region down 10.5%, Central region down 5.2%, and Southern region down 9.3% [3] Cost and Profitability - The company’s operating expenses remained stable, with a slight fluctuation in sales, management, R&D, and financial expense ratios [4] - The net profit margin for Q3 2024 was 10.3%, reflecting a year-on-year decrease of 0.3 percentage points [4] Future Outlook - The company forecasts EPS for 2024-2026 to be 2.75, 2.85, and 2.93 yuan per share, with a maintained investment rating of "Outperform the Market" [4]