KWEICHOW MOUTAI(SH:600519) EBSCN·2024-08-09 07:03Investment Rating - The report maintains a "Buy" rating for the company [6][5]. Core Views - The company achieved a revenue growth of nearly 17% year-on-year in Q2 2024, surpassing market expectations and reinforcing the certainty of meeting its annual growth target of 15% [4][14]. - The gross profit margin and expense ratio remained stable, with a notable increase in cash collection and advance receipts, indicating strong operational performance [2][4]. - The company plans to distribute cash dividends amounting to no less than 75% of the annual net profit for 2024-2026, enhancing its long-term investment appeal [15]. Financial Performance Summary - In Q2 2024, the company reported total revenue of 369.66 billion yuan, a year-on-year increase of 16.95%, and a net profit of 176.3 billion yuan, up 16.10% [14]. - The gross profit margin for Q2 2024 was 90.68%, with a net profit margin of 50.60%, reflecting stable profitability [2][4]. - The company's cash collection in Q2 2024 reached 40.836 billion yuan, a year-on-year growth of 22.6%, indicating strong cash flow management [2]. Earnings Forecast and Valuation - The report forecasts net profits for 2024-2026 to be 885.43 billion yuan, 1,014.56 billion yuan, and 1,153.68 billion yuan respectively, with corresponding EPS of 70.49 yuan, 80.76 yuan, and 91.84 yuan [5]. - The current stock price corresponds to P/E ratios of 20, 18, and 16 for the years 2024, 2025, and 2026 respectively, suggesting attractive valuation levels [5].