CBC(SH:600132)2025-02-09 14:59Investment Rating - The report maintains a "Cautious Recommendation" rating for the company [2] Core Views - The company reported a total revenue of 14.64 billion yuan for 2024, reflecting a year-on-year decline of 1.15%, and a net profit attributable to shareholders of 1.25 billion yuan, down 6.84% year-on-year [2] - The fourth quarter of 2024 showed a continued decline in sales volume, with a year-on-year decrease of 11.5% and a net loss of 0.87 billion yuan [2] - Despite the overall weak performance, the company is adapting by increasing its focus on non-on-premise channels and improving canning rates, which is a trend in the industry [2][3] - The report anticipates that if local dining consumption subsidies expand, there could be a potential improvement in beer sales through on-premise channels in 2025 [2] Financial Forecasts - The projected revenue for 2025 is 14.69 billion yuan, with a slight growth of 0.31% expected [2] - The net profit forecast for 2025 is 1.30 billion yuan, indicating a growth of 4.26% [2] - The diluted EPS is expected to be 2.68 yuan in 2025, up from 2.57 yuan in 2024 [2] - The gross margin is projected to remain stable around 48.86% for 2025 [2] Cash Flow and Financial Ratios - Operating cash flow is expected to be 3.18 billion yuan in 2025, down from 3.47 billion yuan in 2024 [3] - The company is expected to maintain a stable overall cost per ton in 2025, despite the anticipated decrease in raw material costs [2] - The report highlights a projected net profit margin of 8.84% for 2025 [4]