Investment Rating - The report maintains a "Buy" rating for the company [5] Core Insights - The company achieved a revenue of 4.133 billion yuan in the first half of 2024, representing a year-on-year growth of 17.5%. However, the net profit attributable to the parent company decreased by 52.6% to 752 million yuan, while the adjusted net profit increased by 26.9% to 1.018 billion yuan [2][3] - The brand "Zhenjiu" saw both volume and price increases, with significant contributions from high-end products. The company continues to upgrade its product structure, with high-end and sub-high-end products accounting for 67.1% of revenue, up 4.7 percentage points year-on-year [2][3] - The company has optimized its cost structure, with a gross margin of 58.8%, an increase of 0.9 percentage points year-on-year. The sales and distribution expenses as a percentage of revenue decreased by 1.2 percentage points to 21.8% [3] Revenue and Profit Forecast - The adjusted net profit forecasts for 2024-2026 are 2.02 billion, 2.52 billion, and 3.03 billion yuan, respectively, corresponding to P/E ratios of 11, 9, and 8 times [3][8] - The company is expected to benefit from the strategic establishment of the Zhen Thirty division, which aims to enhance resource allocation and drive revenue growth in the second half of the year [3] Market Data - The total market capitalization of the company is 25.1 billion HKD, with a total share capital of 3.389 billion shares [6] - The stock price has fluctuated between 6.92 and 12.84 HKD over the past year, with a recent trading price of 7.40 HKD [6][5]
珍酒李渡：2024年中期业绩点评：增长势能延续，业绩兑现亮眼