Investment Rating - The report maintains a "Buy" rating for the company,珍酒李渡 (6979.HK) [1] Core Views - The company reported a revenue of 4.13 billion HKD for H1 2024, representing a year-on-year growth of 17.5%. The net profit attributable to shareholders was 752 million HKD, with an adjusted net profit of 1.02 billion HKD, reflecting a year-on-year increase of 26.9% [3][4] - The growth in the珍酒 and李渡 brands was significant, with李渡 experiencing a 38% increase in revenue, driven by an improved product matrix and penetration into markets outside its home province [3][4] - The company is actively implementing a dual-channel growth strategy, which is expected to enhance the potential of its partners and prepare for future growth [3][4] Financial Performance - For H1 2024, the珍酒 brand saw a 17% increase in revenue, while李渡 grew by 38%. The high-end and next-high-end segments grew by 18% and 33%, respectively [3][4] - The overall gross margin improved by 0.9 percentage points, primarily due to a decrease in the proportion of mid-range products and the positive contribution from new self-owned production capacity [3][4] - The adjusted net profit margin increased by 1.8 percentage points to 24.6% [3][4] Future Projections - Revenue projections for 2024-2026 are 8.45 billion, 10.13 billion, and 11.96 billion HKD, with year-on-year growth rates of 20.1%, 20.0%, and 18.1%, respectively. Adjusted net profits are expected to be 2.04 billion, 2.53 billion, and 3.14 billion HKD, with growth rates of 25.6%, 24.1%, and 24.1% [4][5]
珍酒李渡：业绩略超预期，李渡品牌增长较快