研报掘金丨华鑫证券：维持洋河股份“买入”评级，业绩持续出清，推进库存去化

Core Viewpoint - Yanghe Co., Ltd. is experiencing a decline in key financial metrics due to strategic adjustments aimed at inventory reduction and price stabilization, leading to short-term performance challenges [1] Financial Performance - Gross margin decreased by 13 percentage points to 53.52% primarily due to changes in product mix [1] - Sales and management expense ratios increased by 10 percentage points and 3 percentage points to 37.99% and 13.02% respectively, driven by aggressive inventory clearance and promotional efforts [1] - Net profit margin fell by 25 percentage points to -11.32%, with sales receipts declining by 27% to 4.66 billion yuan [1] Strategic Adjustments - The company is actively focusing on inventory reduction, enhancing operational efficiency, and stabilizing prices, which has resulted in short-term performance pain [1] - Contract liabilities increased by 29% to 6.42 billion yuan, indicating a proactive approach to strategic adjustments [1] - The overall market inventory has achieved double-digit reduction, alleviating channel pressure and improving distributor confidence [1] Future Outlook - The company continues to deepen its strategies for inventory reduction and operational enhancement, focusing on terminal sales and effective promotional combinations [1] - There is a noticeable improvement in channel inventory clearance and a rebound in distributor confidence [1] - The investment rating is maintained at "Buy" [1]