CBC(600132) 长江证券·2025-04-25 13:45Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company's total revenue for 2024 is 14.64 billion yuan, a year-on-year decrease of 1.1%. The net profit attributable to the parent company is 1.11 billion yuan, down 16.6% year-on-year. Adjusting for litigation compensation, the net profit is 1.25 billion yuan, a decrease of 6.8% year-on-year. The non-recurring net profit is 1.22 billion yuan, down 7% year-on-year. In Q4 2024, total revenue is 1.58 billion yuan, a decline of 11.5%, with a net loss of 217 million yuan and a non-recurring net loss of 83.94 million yuan, indicating a year-on-year increase in losses [2][6] Summary by Sections Sales Performance - In 2024, the company's sales volume is 2.975 million tons, a decrease of 0.8% year-on-year. High-end and mainstream products saw sales growth of 1.4% and a decline of 3.8%, respectively, while economy products increased by 13.5%. International brands grew by 4.4%, while local brands decreased by 2.8%. In Q4 2024, sales volume decreased by 8.1% year-on-year [12] Pricing and Cost Structure - The average price per ton decreased by 0.4% in 2024, with Q4 showing a decline of 3.7%. The company experienced a 1.1% reduction in per-ton costs due to lower raw material prices, although the launch of the Foshan factory increased manufacturing expenses. The effective tax rate increased by 3.3 percentage points year-on-year. The net profit margin decreased by 1.4 percentage points to 7.6%, and the gross margin fell by 0.6 percentage points to 48.6% [12] Brand and Market Strategy - The company has a strong brand foundation and is waiting for the recovery of on-premise consumption channels. In 2024, non-on-premise channels gained market share through initiatives like canned and multi-pack products. The company continues to invest in brand marketing across multiple brands, including Wusu, Chongqing, 1664, Carlsberg, and Lebao. With inventory depletion expected by the end of 2024, the industry is anticipated to gradually recover in 2025 [12]