迎驾贡酒：公司事件点评报告：收入高增态势延续，费用管控得当释放利润弹性

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][6] Core Insights - The company continues to experience high revenue growth, with total operating income for H1 2024 reaching 3.785 billion yuan, a year-on-year increase of 20.44% [4] - The gross profit margin improved to 73.57%, up 2.63 percentage points year-on-year, while net profit margin increased to 36.53%, up 2.55 percentage points [4] - Effective cost control has led to a release of profit elasticity, with net profit for H1 2024 reaching 1.379 billion yuan, a year-on-year increase of 29.59% [4] - The company’s core product series, particularly the cave-aged series, is expected to maintain its growth momentum, driving continued improvement in profitability [6] Financial Performance Summary - For Q2 2024, total operating income was 1.461 billion yuan, a year-on-year increase of 19.04%, with a net profit of 466 million yuan, up 27.96% [5] - The sales expense ratio decreased to 10.00%, down 1.99 percentage points, and the management expense ratio fell to 3.42%, down 0.60 percentage points [5] - The company’s revenue from direct sales and wholesale channels in Q2 2024 was 0.81 billion yuan and 1.301 billion yuan, respectively [5] Earnings Forecast - The forecasted earnings per share (EPS) for 2024, 2025, and 2026 are 3.57 yuan, 4.40 yuan, and 5.30 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 14, 12, and 10 times [6][8]