CBC(SH:600132) Hua Yuan Zheng Quan·2025-08-18 13:25Investment Rating - The investment rating for the company is "Accumulate" (首次) [5] Core Views - The overall performance of the company is under pressure, with high-end product sales declining. In the first half of 2025, the company achieved revenue of 8.839 billion yuan, a year-on-year decrease of 0.24%, and a net profit attributable to shareholders of 865 million yuan, down 4.03% year-on-year [5] - The company is experiencing a decline in sales of mid-to-high-end products, primarily due to weak consumption in the dining and nightlife sectors. The economic product segment showed the highest growth rate [5] - The company is actively expanding its non-on-trade channels, such as discount snack stores and warehouse membership stores, to boost sales [5] - The gross margin improved due to cost benefits, but the increase in income tax affected profitability. The gross margin for the first half of 2025 was 49.83%, up 0.62 percentage points year-on-year [5] - The company is expected to achieve net profits of 1.182 billion yuan, 1.216 billion yuan, and 1.260 billion yuan for 2025-2027, with corresponding year-on-year growth rates of 6.03%, 2.87%, and 3.64% [5] Summary by Sections Market Performance - The closing price of the company is 55.31 yuan, with a total market capitalization of 26,768.45 million yuan and a circulating market capitalization of 26,768.45 million yuan [3] Financial Data - In the first half of 2025, the company achieved beer revenue of 8.606 billion yuan, a year-on-year decrease of 0.2%, with a sales volume of 1.8008 million tons, up 0.95% year-on-year [5] - The company’s cost per ton decreased by 2.38% to 2,462.51 yuan/ton, contributing to the improvement in gross margin [5] - The company’s net profit margin decreased from 19.71% in the second quarter of 2024 to 17.54% in the second quarter of 2025 due to increased tax rates and slight increases in expense ratios [5] Earnings Forecast and Valuation - The company is projected to have a price-to-earnings ratio (P/E) of 23, 22, and 21 for the years 2025, 2026, and 2027, respectively [5] - The company is compared with peers such as Qingdao Beer, Zhujiang Beer, and Yanjing Beer, indicating strong multi-brand operational capabilities [5]