CBC(SH:600132) Ping An Securities·2025-04-30 11:19Investment Rating - The report maintains a "Recommendation" rating for the company, indicating a positive outlook for its stock performance [1][7]. Core Views - The company has shown good momentum at the start of 2025, with improved profitability. The first quarter of 2025 saw a revenue of 4.36 billion yuan, a year-on-year increase of 1.5%, and a net profit of 470 million yuan, up 4.6% year-on-year [3][4]. - The company is expected to continue its growth trajectory, with an upward revision of net profit forecasts for 2025-2027 to 1.27 billion, 1.33 billion, and 1.39 billion yuan respectively [7][8]. Financial Performance Summary - Revenue and Profitability: - 2023A revenue was 14.82 billion yuan, with a projected revenue of 14.94 billion yuan for 2025E, reflecting a 2.0% year-on-year growth. The net profit for 2023A was 1.34 billion yuan, with an expected increase to 1.27 billion yuan in 2025E, showing a 14.1% growth from the previous year [6][8]. - Margins: - The gross margin for 1Q25 was 48.4%, an increase of 0.5 percentage points year-on-year. The net profit margin improved to 10.9%, up 0.3 percentage points year-on-year [7][8]. - Cost Management: - The company has effectively managed its costs, with sales and management expense ratios at 12.7% and 3.4% respectively, showing a decrease in sales expenses and a slight increase in management expenses [7][8]. Market and Product Insights - Product Segmentation: - In 1Q25, revenue from premium, mainstream, and economy products was 2.6 billion, 1.55 billion, and 90 million yuan respectively, with growth rates of 1%, 2%, and 6% year-on-year [7]. - Regional Performance: - Revenue from different regions in 1Q25 showed balanced growth, with the Northwest, Central, and Southern regions generating 1.18 billion, 1.83 billion, and 1.23 billion yuan respectively, reflecting year-on-year growth of 1.6%, 1.4%, and 1.8% [7].