CBC(600132) 天风证券·2024-11-12 06:25Investment Rating - The report maintains a "Buy" rating for the company, with a target price indicating an expected return of over 20% within the next six months [5][13]. Core Views - The company experienced revenue of 13.063 billion yuan in the first three quarters of 2024, a slight increase of 0.26% year-on-year, while net profit decreased by 0.9% to 1.332 billion yuan [1]. - In Q3 2024, revenue was 4.202 billion yuan, down 7.11% year-on-year, and net profit fell by 10.1% to 431 million yuan [1]. - The company is focusing on enhancing its non-current beverage channels, with products like 1664 showing strong performance [2]. - Future revenue growth is projected to be modest, with expected increases of 0.2%, 3.3%, and 3.9% for 2024, 2025, and 2026, respectively [2]. Financial Performance Summary - For Q1-3 2024, the company sold 2.657 million kiloliters, a year-on-year increase of 0.2%, while the beer price per ton decreased by 0.6% [1]. - The company's net profit margin decreased by 0.7 percentage points in Q3, attributed to a 1.4 percentage point drop in gross margin and a 1.1% increase in ton cost [2]. - The projected revenue for 2024 is 14.844 billion yuan, with a net profit forecast of 1.310 billion yuan, reflecting a decline of 1.96% [4][9]. Regional and Product Segment Analysis - In Q3 2024, revenue from high-end, mainstream, and economy segments decreased by 9%, 8%, and increased by 20% respectively, indicating a shift in consumer preferences [1]. - Revenue from the Northwest, Central, and Southern regions in Q3 2024 saw declines of 10%, 5%, and 9% year-on-year, respectively [1].