YINGJIA DISTILLERY(SH:603198) ZHONGTAI SECURITIES·2024-08-19 03:09Investment Rating - The investment rating for the company is "Buy" (maintained) with a market price of 50.72 CNY [2]. Core Insights - The company's revenue for the first half of 2024 reached 3.785 billion CNY, a year-on-year increase of 20.44%, while the net profit attributable to shareholders was 1.379 billion CNY, up 29.59% year-on-year [2]. - The company is expected to achieve steady growth in 2024, with projected revenue of 8.208 billion CNY, a year-on-year growth of 22.14%, and net profit of 2.949 billion CNY, reflecting a growth rate of 28.91% [2]. - The gross profit margin has improved, with a year-on-year increase of 2.63 percentage points to 73.57% in the first half of 2024, and the net profit margin increased by 2.22 percentage points to 31.88% [2]. Financial Summary - Revenue (in million CNY): - 2022A: 5,505 - 2023A: 6,720 - 2024E: 8,208 - 2025E: 9,743 - 2026E: 11,363 - Year-on-year growth rates: 20% (2022A), 22% (2023A), 22.14% (2024E), 18.71% (2025E), 16.62% (2026E) [2]. - Net Profit (in million CNY): - 2022A: 1,705 - 2023A: 2,288 - 2024E: 2,949 - 2025E: 3,615 - 2026E: 4,296 - Year-on-year growth rates: 23% (2022A), 34% (2023A), 28.91% (2024E), 22.58% (2025E), 18.83% (2026E) [2]. - Earnings Per Share (in CNY): - 2022A: 2.13 - 2023A: 2.86 - 2024E: 3.69 - 2025E: 4.52 - 2026E: 5.37 [2]. - Price-to-Earnings (P/E) Ratio: - 2022A: 23.8 - 2023A: 17.7 - 2024E: 13.8 - 2025E: 11.2 - 2026E: 9.4 [2]. - Price-to-Book (P/B) Ratio: - 2022A: 5.9 - 2023A: 4.9 - 2024E: 4.0 - 2025E: 3.3 - 2026E: 2.7 [2].