迎驾贡酒：公司简评报告：产品升级持续，洞藏引领高增

Investment Rating - The investment rating for the company is "Buy" [2] Core Views - The company has shown continuous product upgrades, with the "Cave" series leading high growth. The revenue for the first half of 2024 reached 3.785 billion yuan, a year-on-year increase of 20.44%, while the net profit attributable to shareholders was 1.379 billion yuan, up 29.59% year-on-year [4][5] - The company is focusing on upgrading its product structure, with significant growth in the mid-to-high-end liquor segment. In Q2 2024, revenue from mid-to-high-end liquor and ordinary liquor was 1.069 billion yuan and 313 million yuan, respectively, representing year-on-year growth of 24.95% and 6.50% [4][5] - The company has a strong brand presence, particularly in the "Cave" series, which is expected to continue driving growth. The company is expanding its market share in both domestic and external markets, with a total of 1,423 distributors as of Q2 2024 [4][5] Summary by Sections Financial Performance - For Q2 2024, the gross margin was 71.15%, an increase of 0.59 percentage points year-on-year. The net profit margin was 31.88%, up 2.22 percentage points year-on-year [4][5] - The company expects net profits for 2024, 2025, and 2026 to be 2.91 billion yuan, 3.62 billion yuan, and 4.43 billion yuan, respectively, with year-on-year growth rates of 27%, 24%, and 22% [4][5] Market Position - The company is focusing on the domestic market, with Q2 2024 revenue from domestic and external markets being 916 million yuan and 465 million yuan, respectively, showing year-on-year growth of 22.88% and 15.34% [4][5] - The company is strategically expanding in key regions such as the Yangtze River Delta, indicating significant growth potential in both domestic and external markets [4][5]