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 experienced a significant decline in revenue and net profit in the first half of the year, primarily due to increased enforcement of waste regulations impacting consumption in Anhui province [1] Financial Performance - In the first half of the year, Yingjia Gongjiu achieved operating revenue of 3.16 billion yuan, a year-on-year decrease of 16.89% [1] - The net profit attributable to the parent company 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, showing a year-on-year decline of 14.01% [1] - Revenue from ordinary liquor was 452 million yuan, down 32.47% year-on-year [1] Market Conditions - The enforcement of waste regulations has put pressure on liquor consumption in Anhui province, compounded by a high base from the previous year, significantly affecting actual sales [1] - The second quarter is expected to reflect a more accurate picture of actual sales performance, likely being the worst quarter for the company's performance [1] Future Outlook - Following adjustments in policy and a gradual improvement in sales since July and August, the company is expected to see improved performance in the second half of the year due to a lower comparative base [1] - The worst period for the company's performance is believed to have passed, with expectations for a year-on-year improvement in performance metrics [1] - The rating for the company remains at "Buy" [1]