研报掘金丨中邮证券：迎驾贡酒业绩端最差时点已过，维持“买入”评级

Core Viewpoint - The report from Zhongyou Securities indicates that Yingjia Gongjiu's performance in the first half of the year has significantly declined, with revenue and net profit showing substantial year-on-year decreases due to regulatory impacts on consumption and high comparative bases from the previous year [1] Financial Performance - Yingjia Gongjiu achieved operating revenue of 3.16 billion yuan, a year-on-year decrease of 16.89% [1] - The company's net profit attributable to shareholders was 1.13 billion yuan, down 18.19% year-on-year [1] - The net profit after deducting non-recurring gains and losses was 1.09 billion yuan, reflecting a decline of 19.94% compared to the previous year [1] Product Segmentation - Revenue from mid-to-high-end liquor reached 2.54 billion yuan, representing a year-on-year decline of 14.01% [1] - Revenue from ordinary liquor was 452 million yuan, showing a significant drop of 32.47% year-on-year [1] Market Conditions - The implementation of waste regulations has put pressure on liquor consumption in Anhui Province, contributing to the company's performance challenges [1] - The second quarter is expected to reflect the most accurate sales situation, likely marking the lowest performance period for the company [1] Future Outlook - Following adjustments in policy and improved sales conditions in July and August, the company is seeing gradual improvements in sales and relatively low channel inventory [1] - The company is expected to experience a year-on-year improvement in performance in the second half of the year due to a lower comparative base [1] - The worst performance period for the company is believed to have passed, maintaining a "buy" rating [1]