百润股份：预调酒上半年承压，期待下半年威士忌产品

Investment Rating - The investment rating for the company is upgraded from "Buy" to "Hold" [2][8] Core Views - The company reported a revenue of 1.628 billion yuan for the first half of 2024, a year-on-year decrease of 1.38%, and a net profit attributable to shareholders of 403 million yuan, down 8.36% year-on-year [3] - The decline in the ready-to-drink cocktail business is attributed to the pressure on the strong product line, with the introduction of new products expected to drive future growth [4][6] - The gross margin improved but was offset by increased expenses, resulting in a net profit margin that remained stable [5] Financial Performance Summary - For the first half of 2024, the revenue breakdown by product shows ready-to-drink cocktails at 1.43 billion yuan, food flavoring at 176 million yuan, and other businesses at 21 million yuan, with respective year-on-year changes of -1.42%, +7.51%, and -40.29% [4] - The company expects to launch whiskey products in the second half of 2024, which could provide new growth opportunities [6] - The adjusted revenue forecasts for 2024-2026 are lowered to 3.62 billion, 3.97 billion, and 4.33 billion yuan, respectively, with net profit forecasts adjusted to 841 million, 965 million, and 1.085 billion yuan [7]