酒鬼酒：Q2收入端环比改善，样板建设投入期利润承压

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [3]. Core Views - The company is expected to achieve revenue of approximately 1 billion yuan in H1 2024, a year-on-year decline of about 35.12%. The net profit attributable to the parent company is projected to be between 110 million and 130 million yuan, representing a year-on-year decrease of 69.19% to 73.93% [1]. - In Q2 2024, the company is anticipated to generate revenue of around 506 million yuan, down 12.26% year-on-year, with net profit attributable to the parent company expected to be between 37 million and 57 million yuan, reflecting a decline of 53.50% to 69.92% year-on-year [1]. - The company is undergoing a marketing model transformation, and there is optimism regarding the potential performance recovery due to the release of reform dividends in 2024 [1]. Financial Performance Summary - For 2024E, the company is projected to have revenues of 2,426.63 million yuan, with a year-on-year decline of 14.24%. The net profit attributable to the parent company is expected to be 393.62 million yuan, down 28.15% year-on-year [6][7]. - The company’s EBITDA for 2024E is estimated at 483.10 million yuan, with a significant decrease from previous years [2][6]. - The earnings per share (EPS) for 2024E is projected to be 1.21 yuan, with a P/E ratio of 34.34 [2][6]. Market and Competitive Position - The company is focusing on enhancing consumer engagement and market presence through increased marketing expenditures, which has led to a temporary pressure on profit margins [1]. - The company has successfully improved revenue on a quarter-on-quarter basis due to the normalization of product deliveries and the introduction of new product versions [1]. - The company’s stock has experienced a decline of 35% over the past year, indicating challenges in the market [4].