迎驾贡酒：中高端延续增长，利润表现亮眼

Investment Rating - The report assigns a "Buy-A" rating for the company, indicating a positive outlook for its stock performance in the next 6-12 months [1]. Core Views - The company has shown strong revenue growth, with total revenue of 3.785 billion yuan in the first half of 2024, representing a year-on-year increase of 20.44%. The net profit attributable to shareholders reached 1.379 billion yuan, up 29.59% year-on-year [2][3]. - The company is focusing on the high-end liquor segment, particularly the "洞藏" series, which is expected to continue its growth trajectory. The shift from channel-driven sales to consumer-driven demand is anticipated to support this growth [4]. - The company has a solid market presence in its home province and is expanding into surrounding markets, which is expected to provide long-term growth opportunities [4]. Financial Performance - In the second quarter of 2024, the company achieved revenue of 1.461 billion yuan, a year-on-year increase of 19.04%, and a net profit of 466 million yuan, up 27.96% year-on-year [2][3]. - The gross profit margin for the first half of 2024 was 73.57%, reflecting an increase of 2.63 percentage points year-on-year, driven by the growth in high-end product sales [3]. - The company's net profit margin improved to 36.53% in the first half of 2024, up 2.54 percentage points year-on-year [3]. Future Projections - The report forecasts the company's net profit attributable to shareholders to reach 2.968 billion yuan in 2024, 3.563 billion yuan in 2025, and 4.189 billion yuan in 2026, with corresponding EPS of 3.71 yuan, 4.45 yuan, and 5.24 yuan [4][6]. - The projected P/E ratios for the next three years are 13.6 times, 11.3 times, and 9.6 times, indicating a potentially attractive valuation relative to earnings growth [4][6].