CBC(SH:600132) Guotou Securities·2024-04-01 16:00Investment Rating - The investment rating for the company is maintained at "Buy-A" with a target price of 87 CNY, which corresponds to a dynamic P/E ratio of 28 times for 2024 [2][3]. Core Views - The report indicates that the company's high-end product strategy is progressing steadily, and cost pressures are expected to ease, leading to potential profit margin improvements. The company is projected to achieve revenue growth rates of 7.8% and 6.8% for 2024 and 2025, respectively, with profit growth rates of 12.71% and 10.08% [2][3]. Summary by Sections Financial Performance - In 2023, the company reported total revenue of 14.815 billion CNY, a year-on-year increase of 5.53%, and a net profit of 1.337 billion CNY, up 5.78% year-on-year. However, in Q4 2023, revenue decreased by 3.76% year-on-year to 1.786 billion CNY, with a net loss of 0.07 billion CNY [1]. - The beer sales volume reached 3 million kiloliters in 2023, reflecting a growth of 4.93% year-on-year, with high-end, mainstream, and economy segments showing respective sales of 1.44 million, 1.46 million, and 0.1 million kiloliters [1]. Cost and Profitability - The company's gross margin decreased by 1.71 percentage points to 49.75% in 2023. The cost per ton of beer was 2,421 CNY, an increase of 3.18% year-on-year. However, the removal of tariffs on Australian barley is expected to lower procurement costs in 2024, alleviating material cost pressures [1]. - The sales expense ratio increased to 17.10%, reflecting higher marketing investments, while the management expense ratio decreased to 3.34%. The net profit margin remained stable at 9.02% [1]. Market Position and Strategy - The company continues to enhance its product matrix, focusing on high-quality offerings to meet consumer demand. The international brand sales volume grew by 7.93% year-on-year, with local brands also seeing a 3.82% increase [1]. - The report emphasizes the importance of the company's R&D and innovation capabilities as key drivers for high-end growth, with new product launches in the premium segment expected to support recovery in sales [1].