金徽酒2024Q2点评：省内稳健，省外蓄势

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown steady growth in its domestic market while preparing for expansion in external markets. The revenue for Q2 2024 reached 678 million yuan, a year-on-year increase of 7.73%, while the net profit attributable to the parent company was 74 million yuan, reflecting a growth of 1.88% [1] - For the first half of 2024, the total revenue was 1.754 billion yuan, up 15.17% year-on-year, with a net profit of 295 million yuan, an increase of 15.96% [1] - The company is expected to maintain growth momentum in the year series and enhance brand influence, while actively increasing prices in the soft series to lead the trend of consumption upgrades in the domestic market [1] Summary by Sections Financial Performance - Q2 2024 revenue and net profit were in line with expectations, while the net profit was slightly below expectations. The company’s gross margin increased by 2.62 percentage points year-on-year, attributed to reduced discounts [1] - The company’s operating expenses were managed more precisely, with sales and management expense ratios showing a decrease and increase of 0.5 and 1.06 percentage points respectively [1] - The company’s net profit margin decreased by 0.47 percentage points year-on-year, but if excluding the impact of deferred tax assets, the profit before tax increased by 26.6% [1] Revenue and Profit Forecast - The company is expected to achieve total revenues of 3.049 billion, 3.639 billion, and 4.296 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 19.7%, 19.4%, and 18.0% [2][4] - The net profit attributable to the parent company is forecasted to be 401 million, 503 million, and 649 million yuan for the same years, with growth rates of 22.0%, 25.5%, and 28.9% respectively [2][4] Market Strategy - The company is focusing on solidifying its domestic market base while creating model markets in external regions. In Q2, the company added 130 new distributors, indicating potential for improved revenue growth in the second half of the year [1] - The company is actively promoting its "Thousand Villages and Ten Thousand Towns" project to increase market share in targeted regions [1]