CBC(SH:600132)2024-03-30 16:00Investment Rating - The investment rating for the company is maintained as "Buy" [5]. Core Views - The company reported a total revenue of 14.815 billion RMB in 2023, representing a year-on-year growth of 5.53%, with a net profit attributable to shareholders of 1.337 billion RMB, up 5.78% year-on-year. The Q4 2023 revenue was 1.786 billion RMB, down 3.76% year-on-year [5]. - The company has a high dividend payout policy, distributing 28 RMB per 10 shares, resulting in a dividend payout ratio of 101.39% for 2023. The forecasted dividend yield for 2024 is 4%, which is attractive compared to the 10-year government bond yield of 2.4% [5]. - The company aims to enhance its product premiumization strategy, leveraging both international high-end brands and strong local brands to drive growth [5]. Summary by Sections Market Data - Closing price as of March 29, 2024, is 64.47 RMB, with a one-year high of 128.5 RMB and a low of 52.53 RMB. The price-to-book ratio is 14.6, and the circulating A-share market value is approximately 31.202 billion RMB [2]. Financial Performance - In 2023, the company achieved a sales volume of 2.9975 million tons, a 4.9% increase year-on-year. The sales volume for high-end, mainstream, and economy products was 1.44 million tons, 1.46 million tons, and 0.1 million tons, respectively [5]. - The overall gross margin for 2023 was 49.15%, a decrease of 1.33 percentage points year-on-year, primarily due to the faster growth in mainstream product sales compared to premium products [5]. Future Outlook - The company is expected to maintain a strong performance in the southern market, especially with the upcoming production from the Foshan factory, which will address capacity shortages [5]. - The forecasted net profit for 2024 is 1.472 billion RMB, with a growth rate of 10%, and the company anticipates a gradual recovery in external demand [6].