2024-08-20 08:39Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [2][3]. Core Insights - The company reported a revenue of 23.74 billion yuan for the first half of 2024, a slight decrease of 0.5% year-on-year, while the net profit attributable to shareholders was 4.71 billion yuan, reflecting a growth of 1.2% year-on-year [1]. - The beer business continues to trend towards premiumization, with revenue of 22.6 billion yuan in H1 2024, down 1.4% year-on-year, but with an EBITDA of 6.37 billion yuan, up 2.6% year-on-year. The volume sold decreased by 3.4%, while the price per ton increased by 2.0% [1]. - The white liquor segment showed a strong recovery with revenue of 1.18 billion yuan, up 20.6% year-on-year, and a gross margin of 67.6%, an increase of 2.1 percentage points [1]. - The overall profitability improved, with a gross margin increase of 0.9 percentage points, driven by higher margins in the beer segment and an increased share of the white liquor business [1]. Financial Projections - The company is expected to achieve net profits of 5.44 billion yuan, 6.17 billion yuan, and 6.79 billion yuan for the years 2024, 2025, and 2026, respectively, representing growth rates of 6%, 13%, and 10% [2]. - The projected P/E ratios for 2024, 2025, and 2026 are 13x, 12x, and 11x, respectively, indicating that the current valuation is at a historical low [2]. Dividend Policy - The company announced an interim dividend of 0.37 yuan per share, a 30% increase year-on-year, reflecting strong cash flow and stable operations [2].