CBC(600132)2024-11-01 03:12Investment Rating - The investment rating for the company is "Buy (Maintain)" [5][6]. Core Views - The company reported a total revenue of 13.06 billion yuan for the first three quarters of 2024, a year-on-year increase of 0.26%, while the net profit attributable to the parent company was 1.33 billion yuan, a decrease of 0.9% year-on-year [5][6]. - In Q3 2024, the company achieved a revenue of 4.202 billion yuan, a decline of 7.11% year-on-year, and a net profit of 431 million yuan, down 10.1% year-on-year, indicating that revenue and profit were slightly below expectations [5][6]. - The company maintains its profit forecast for 2024-2026, predicting net profits of 1.472 billion, 1.605 billion, and 1.728 billion yuan, representing growth rates of 10%, 9%, and 8% respectively [6]. Summary by Sections Market Data - Closing price: 58.85 yuan - One-year high/low: 80.00/50.85 yuan - Price-to-book ratio: 16.7 - Dividend yield: 4.76% - Market capitalization: 28,482 million yuan [2]. Financial Performance - For Q3 2024, beer revenue decreased by 7.9%, with beer sales volume down 5.6% to 873,000 tons. The average price per ton was 4,812.5 yuan, a decrease of 1.6% year-on-year [7][8]. - The gross profit margin for Q3 2024 was 49.2%, down 1.35 percentage points year-on-year, primarily due to a decrease in sales volume and increased costs [8]. - The company’s operating profit for 2024 is projected to be 3.740 billion yuan, with a net profit of 2.986 billion yuan [11]. Future Outlook - The company is expected to maintain a high dividend payout ratio, with a forecasted dividend yield of 4.6% based on the 2024 net profit [6]. - The company faces challenges in brand growth due to external pressures, including extreme weather affecting sales in the Chongqing region [7].