CBC(SH:600132) Guolian Securities·2024-05-09 15:00Investment Rating - The report maintains a "Buy" rating for the company with a target price of 85.68 CNY, based on a 28x PE for 2024 [6]. Core Insights - The company reported a revenue of 4.293 billion CNY for Q1 2024, representing a year-on-year growth of 7.16%. The net profit attributable to shareholders was 452 million CNY, up 16.78% year-on-year [3][4]. - The sales volume for Q1 2024 reached 866,800 kiloliters, an increase of 5.25% year-on-year, with an average price per ton of 4,952.17 CNY, reflecting a 1.82% increase [4]. - The company achieved a gross margin of 47.90%, up 2.74 percentage points year-on-year, and a net profit margin of 10.53%, an increase of 0.87 percentage points [5]. Financial Performance Summary - Revenue projections for 2024-2026 are 15.632 billion CNY, 16.461 billion CNY, and 17.229 billion CNY, with year-on-year growth rates of 5.52%, 5.30%, and 4.67% respectively [6]. - The net profit attributable to shareholders is forecasted to be 1.479 billion CNY, 1.594 billion CNY, and 1.708 billion CNY for the same period, with growth rates of 10.67%, 7.78%, and 7.12% respectively [6]. - The report indicates a three-year CAGR of 8.51% for EPS, which is expected to be 3.06 CNY, 3.29 CNY, and 3.53 CNY per share for 2024, 2025, and 2026 respectively [6].