迎驾贡酒2024Q2点评：洞藏高增引领结构升级

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported strong performance in Q2 2024, with total revenue of 1.461 billion yuan, up 19.0% year-on-year, and net profit attributable to shareholders of 466 million yuan, up 28.0% [1] - The growth in revenue is driven by the high growth of the "Cave Storage" product line, which is expected to continue its upward trend [1] - The company has shown consistent performance exceeding market expectations for two consecutive quarters, indicating strong potential in the domestic market [1] Summary by Sections Revenue Performance - In Q2 2024, the company's mid-to-high-end and regular liquor segments grew by 24.9% and 6.5% year-on-year, respectively, with the mid-to-high-end liquor accounting for 77.4% of liquor business revenue, an increase of 2.9 percentage points [1] - The company’s revenue from domestic and external markets grew by 22.9% and 15.3% year-on-year, respectively, with a focus on expanding domestic market share while targeting Jiangsu province for external growth [1] Profitability Analysis - The gross margin increased by 0.59 percentage points to 71.15% in Q2 2024, primarily due to the high growth of the Cave Storage product line [1] - The net profit margin rose by 2.22 percentage points to 31.95%, driven by product structure upgrades and optimized expense ratios [1] Financial Forecast - The company is expected to achieve total revenues of 8.194 billion yuan, 9.885 billion yuan, and 11.768 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 21.9%, 20.6%, and 19.0% [2][3] - The net profit attributable to shareholders is projected to be 2.893 billion yuan, 3.595 billion yuan, and 4.358 billion yuan for the same years, with growth rates of 26.4%, 24.3%, and 21.3% [2][3]