CBC(SH:600132) Haitong Securities·2024-05-21 01:02Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The report highlights steady growth in sales and a positive trend in profitability due to declining costs [4][5] - The company achieved total 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 [5] - The report anticipates earnings per share (EPS) for 2024-2026 to be 3.02, 3.30, and 3.55 yuan respectively, with a target price range of 66.44 to 81.54 yuan based on a price-to-earnings (PE) ratio of 22-27 times [5] Summary by Sections Financial Performance - In Q1 2024, the company reported beer revenue of 4.178 billion yuan, a 6.6% increase year-on-year, with total sales volume and average price rising by 5.2% and 1.3% respectively [5] - The gross profit margin improved to 47.9%, up 2.74 percentage points year-on-year, driven by a decrease in average costs [5] - The net profit margin increased to 20.94%, reflecting a 1.60 percentage point improvement year-on-year [5] Revenue Breakdown - Revenue from high-end, mainstream, and economy beer segments grew by 8.3%, 3.6%, and 12.4% respectively in Q1 2024 [5] - The company added 199 new distributors while reducing 299, ending the quarter with 2,969 distributors [5] Future Projections - The company expects revenue growth of 5.5% in 2023, with projected revenues of 14.815 billion yuan, 15.614 billion yuan, and 16.533 billion yuan for 2024, 2025, and 2026 respectively [6][9] - The forecasted net profit for 2024 is 1.462 billion yuan, with a year-on-year growth rate of 9.3% [9] Valuation Metrics - The report provides a comparative valuation table, indicating that the average PE ratio for comparable companies is 28.65 for 2023 and 23.42 for 2024 [8]