研报掘金丨平安证券：舍得酒业成长空间可期，维持“推荐”评级

Core Viewpoint - Ping An Securities report indicates that Shede Spirits achieved a net profit attributable to shareholders of 440 million yuan in 1H25, a year-on-year decrease of 25%, while the net profit for 2Q25 was 100 million yuan, reflecting a year-on-year increase of 139% [1] Financial Performance - In 2Q25, the revenue from mid-to-high-end liquor was 740 million yuan, a year-on-year decline of 16%, while the revenue from ordinary liquor was 240 million yuan, showing a year-on-year increase of 62%, likely driven by the rapid growth of T68 [1] - Revenue from the distribution channel in 2Q25 was 840 million yuan, a year-on-year decrease of 8%, while e-commerce channel revenue was 130 million yuan, reflecting a year-on-year increase of 24%, indicating strong growth in online channels [1] - Regionally, revenue from the domestic market in 2Q25 was 290 million yuan, a year-on-year decline of 21%, while revenue from the external market was 690 million yuan, showing a year-on-year increase of 5%, suggesting stable growth in external markets [1] Profit Forecast - Considering the company's refined expense allocation, the net profit forecast for 2025-2027 has been adjusted to 680 million, 740 million, and 800 million yuan respectively, compared to the previous estimates of 600 million, 680 million, and 760 million yuan [1] - In the long term, the company will continue to focus on the core products of Shede Spirits, with rapid development expected for Shezhi Dao and T68, indicating potential for growth [1]