CBC(SH:600132) Tianfeng Securities·2024-05-06 12:00Investment Rating - The report maintains a "Buy" rating for the company, with a target price indicating an expected return of over 20% within the next six months [5][14]. Core Views - The company achieved a revenue of 4.293 billion yuan in Q1 2024, representing a year-on-year increase of 7.16%, and a net profit attributable to shareholders of 452 million yuan, up 16.78% year-on-year [1]. - The report highlights significant cost optimization and continuous profit improvement, with a net profit margin increase of 1.6 percentage points to 20.9% [3]. - The company is focusing on enhancing channel management and expanding its presence in key cities, particularly in high-end product segments [3]. Financial Performance Summary - Q1 2024 sales volume reached 866,800 tons, a year-on-year increase of 5.25%, with an average price per ton of 4,820 yuan, up 1.3% year-on-year [2]. - Revenue from high-end products (priced above 8 yuan) grew by 8.3%, contributing to a 61.6% share of total revenue [2]. - The company expects revenue growth rates of 6% for 2024, 2025, and 2026, with net profit growth rates of 9% for 2024 and 2025, and 8% for 2026 [3]. Financial Data and Valuation - The company’s projected revenue for 2024 is 15.78 billion yuan, with a net profit of 1.46 billion yuan, reflecting a growth rate of 9.46% [4]. - The price-to-earnings (P/E) ratio is projected to be 24x for 2024, decreasing to 21x by 2026 [3][4]. - The company’s total assets are expected to reach 12.96 billion yuan by 2024, with a debt ratio of 65.10% [4][8].