金徽酒：收入稳定增长，费用投放有序

Investment Rating - The report maintains a "Recommendation" rating for the company [3][5]. Core Insights - The company achieved a revenue of 1.75 billion yuan in the first half of 2024, representing a year-on-year growth of 15.2%, with a net profit attributable to the parent company of 295 million yuan, up 16.0% year-on-year [3]. - In the second quarter of 2024, the company reported a revenue of 680 million yuan, reflecting a year-on-year increase of 7.7%, while the net profit was 74 million yuan, showing a growth of 1.9% year-on-year [3]. - The company has demonstrated stable revenue growth and orderly expense management, with a focus on price management and channel health during the off-season [6]. Financial Performance - The company's projected revenue for 2024 is 3.075 billion yuan, with a year-on-year growth of 20.7%, and net profit is expected to reach 403 million yuan, growing by 22.4% [4]. - The gross margin for the second quarter of 2024 was 64.7%, an increase of 2.6 percentage points year-on-year, while the net profit margin was 10.9%, down 0.6 percentage points year-on-year [6]. - The company’s total assets are projected to grow from 4.879 billion yuan in 2024 to 5.936 billion yuan by 2026 [9]. Market and Product Insights - The company’s product revenue breakdown for the second quarter of 2024 shows that products priced above 300 yuan generated 120 million yuan, while those priced between 100-300 yuan and below 100 yuan generated 340 million yuan and 200 million yuan, respectively [6]. - The company’s sales channels in the second quarter of 2024 included 630 million yuan from distributors, 13 million yuan from direct sales, and 12 million yuan from online sales, with year-on-year changes of +9%, -53%, and -1%, respectively [6]. - The company’s revenue from provincial and out-of-province markets in the second quarter of 2024 was 500 million yuan and 160 million yuan, respectively, with year-on-year growth of +8% and +1% [6].