CBC(SH:600132) Huachuang Securities·2025-04-30 07:35Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 67 CNY [1][9]. Core Views - The company reported a steady start to 2025, with Q1 revenue of 4.36 billion CNY, a year-on-year increase of 1.5%, and a net profit attributable to shareholders of 470 million CNY, up 4.6% year-on-year [1][9]. - The company is expected to continue its stable performance, supported by a healthy inventory and practical operational strategies, with a projected dividend yield of approximately 4.6% based on a 100% payout ratio [9]. Financial Performance Summary - In Q1 2025, the company achieved a sales volume of 884,000 kiloliters, a year-on-year increase of 1.93%, with an average price per ton of 4,930 CNY, down 0.46% year-on-year [9]. - The gross profit margin improved to 48.4%, an increase of 0.5 percentage points year-on-year, driven by cost advantages and scale effects [9]. - The company’s operating profit margin for Q1 2025 was 26.3%, with a net profit margin of 21.6% [10]. Future Projections - The company forecasts total revenue of 14.83 billion CNY for 2025, with a year-on-year growth rate of 1.3% [4]. - The net profit attributable to shareholders is projected to reach 1.27 billion CNY in 2025, reflecting a growth rate of 13.9% [4]. - Earnings per share (EPS) are expected to increase from 2.30 CNY in 2024 to 2.62 CNY in 2025 [4]. Market Strategy - The company plans to deepen its core market presence while optimizing its product mix and increasing market share, particularly in non-traditional channels [9]. - New product launches, such as the Chongqing Craft Beer, are aimed at enhancing brand influence and market penetration [9].