CBC(600132) 民生证券·2025-04-07 01:30Investment Rating - The report maintains a "Recommended" rating for the company [6] Core Views - The company reported total revenue of 14.645 billion yuan and a net profit attributable to shareholders of 1.115 billion yuan for 2024, reflecting a year-on-year decline of 1.15% and 16.61% respectively [1] - The company aims to expand its market share and is optimistic about industry recovery in 2025, driven by improved consumer demand and strategic initiatives in high-end non-consumption channels [4] - The company has experienced a slight decline in gross margin due to increased depreciation costs from the new factory and pressure on beer prices, with a gross margin decrease of 0.57 percentage points [3] Revenue and Profit Forecast - Projected revenues for 2025, 2026, and 2027 are 14.937 billion yuan, 15.206 billion yuan, and 15.457 billion yuan, representing year-on-year growth rates of 2.0%, 1.8%, and 1.7% respectively [5] - Expected net profits for the same years are 1.285 billion yuan, 1.340 billion yuan, and 1.388 billion yuan, with growth rates of 15.3%, 4.3%, and 3.6% respectively [5] Market Position and Strategy - The company maintained its market share despite a 0.75% decline in sales volume, achieving a market share increase of approximately 0.3 percentage points [2] - The company is actively promoting high-end products and enhancing its product matrix and digital marketing strategies to adapt to changing market conditions [2][4] Financial Metrics - The company reported a slight decrease in beer price per ton by 1.14%, with revenue from high-end, mainstream, and economy beers showing varied performance [2] - The company has a high dividend payout ratio of 104% for 2024, indicating strong cash flow management [4]