CBC(SH:600132) Xinda Securities·2024-05-06 15:30Investment Rating - The investment rating for the company is "Buy" [1]. Core Views - The report highlights that the company achieved a revenue of 4.293 billion yuan in Q1 2024, representing a year-on-year increase of 7.2%, with a net profit of 452 million yuan, up 16.8% year-on-year [1]. - The report emphasizes the continuous increase in ton price and stable growth in high-end liquor revenue, contributing to an improved gross profit margin [1]. - The company is expected to maintain good growth in mainstream products in advantageous markets, with a focus on product innovation and brand asset accumulation [1]. Financial Summary - Revenue (in million yuan): - 2022A: 14,039 - 2023A: 14,815 - 2024E: 15,675 - 2025E: 16,497 - 2026E: 17,244 [2]. - Net Profit (in million yuan): - 2022A: 1,264 - 2023A: 1,337 - 2024E: 1,492 - 2025E: 1,610 - 2026E: 1,695 [2]. - Gross Margin: - 2022A: 50.5% - 2023A: 49.1% - 2024E: 50.1% - 2025E: 50.5% - 2026E: 50.5% [2]. - Return on Equity (ROE): - 2022A: 61.5% - 2023A: 62.5% - 2024E: 67.6% - 2025E: 70.2% - 2026E: 71.1% [2]. - Earnings Per Share (EPS): - 2022A: 2.61 - 2023A: 2.76 - 2024E: 3.08 - 2025E: 3.33 - 2026E: 3.50 [2].