CBC(SH:600132) Changjiang Securities·2024-11-13 07:23Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company achieved total revenue of 13.063 billion yuan in the first three quarters of 2024, reflecting a year-on-year increase of 0.26%. However, the net profit attributable to the parent company was 1.332 billion yuan, down 0.9% year-on-year [4][5]. - The company is facing challenges in its high-end product segment, with a decline in sales volume and price in the third quarter of 2024. The sales volume for the first three quarters was 2.657 million tons, up 0.2% year-on-year, but the third quarter saw a decline of 5.6% [4][5]. - The company maintains a solid market foundation and a rich brand reserve, which positions it well for recovery once the industry improves. It also continues to offer high dividends to return value to investors [5]. Financial Performance Summary - For the first three quarters of 2024, the company reported total revenue of 13.063 billion yuan, with a net profit of 1.332 billion yuan and a non-recurring net profit of 1.306 billion yuan [4]. - In Q3 2024, total revenue was 4.202 billion yuan, down 7.11% year-on-year, with a net profit of 431 million yuan, down 10.1% year-on-year [4]. - The gross profit margin for Q3 2024 decreased by 1.35 percentage points to 49.17%, while the net profit margin decreased by 0.34 percentage points to 10.25% [5]. - The company expects EPS for 2024, 2025, and 2026 to be 2.73 yuan, 2.88 yuan, and 3.11 yuan, respectively, with corresponding PE ratios of 24X, 23X, and 21X [5].