CBC(600132) 天风证券·2025-04-07 13:12Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6][17]. Core Views - The company is expected to face pressure on both volume and price in Q4, with a wait for subsequent demand improvement [1][2]. - For 2024, the company anticipates a revenue of 14.64 billion yuan, a decrease of 1.2% year-on-year, and a net profit of 1.11 billion yuan, down 16.6% year-on-year [1][5]. - The company plans to continue increasing investment in non-dining channels while awaiting demand recovery [3]. Financial Performance Summary - In 2024, the company's sales volume is projected to decline by 0.75% to 2.975 million tons, with an average selling price (ASP) decrease of 0.4% to 4,923 yuan per ton [2]. - The revenue breakdown by product tier for 2024 shows high-end (above 8 yuan) revenue at 8.59 billion yuan (down 3%), mainstream (4-8 yuan) at 5.24 billion yuan (down 1%), and economy (below 4 yuan) at 330 million yuan (up 16%) [2]. - The company’s net profit margin for 2024 is expected to decrease by 2.9 percentage points to 15.4%, with a gross margin decline of 0.6 percentage points [3]. Future Projections - Revenue growth rates for 2025 to 2027 are projected at 1%, 2%, and 3%, respectively, with corresponding revenues of 14.86 billion, 15.23 billion, and 15.69 billion yuan [3]. - Net profit growth rates for the same period are expected to be 15%, 3%, and 4%, with net profits of 1.29 billion, 1.32 billion, and 1.37 billion yuan [3]. Key Financial Metrics - The company’s earnings per share (EPS) for 2024 is projected at 2.30 yuan, with a price-to-earnings (P/E) ratio of 24.53 [5][6]. - The company’s total assets are expected to be 10.97 billion yuan in 2024, with a debt-to-asset ratio of 77.63% [12].