CBC(600132) 开源证券·2025-04-08 05:55Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company is expected to maintain high dividends, with a forecasted revenue of 14.777 billion yuan for 2025, reflecting a slight increase of 0.9% year-on-year. The net profit attributable to the parent company is projected to be 1.194 billion yuan, representing a year-on-year increase of 7.2% [4][9] - The company faced challenges in 2024, with a revenue decline of 1.1% year-on-year and a net profit decrease of 16.6% year-on-year. The fourth quarter of 2024 showed a revenue of 1.58 billion yuan, down 11.5% year-on-year, indicating a slight expansion of losses [4][5] - The company’s profit margins are under pressure due to a decrease in product prices, with the gross profit margin expected to be 48.8% in 2025, slightly recovering from 48.6% in 2024 [6][9] Financial Summary - The total revenue for 2024 is reported at 14.645 billion yuan, with a net profit of 1.115 billion yuan. The company’s gross margin is projected to be 48.8% in 2025, with a net margin of 8.1% [9][11] - The earnings per share (EPS) for 2025 is estimated at 2.47 yuan, with a price-to-earnings (P/E) ratio of 22.9 times [4][9] - The company’s cash flow remains strong, supporting its high dividend yield, which is expected to continue [7][9]