Investment Rating - The report maintains a "Recommended" rating for the company [3][4]. Core Viewpoints - The company achieved a revenue of 4.13 billion RMB in H1 2024, representing a year-on-year increase of 17.5%, with a net profit of 750 million RMB and an adjusted net profit of 1.02 billion RMB, reflecting a year-on-year growth of 26.9% [2]. - The growth is driven by the brands Zhenjiu and Lidu, with significant improvements in product structure and sales performance across different price segments [2]. - The company is expected to continue its sustainable growth through new product launches, optimizing distributors, and enhancing brand strength, particularly in key markets like Guangdong and Hunan [3]. Financial Performance Summary - In H1 2024, the company reported a gross margin of 58.8%, an increase of 0.9 percentage points year-on-year, with Zhenjiu and Lidu achieving gross margins of 59% and 66.8%, respectively [2]. - The company’s sales and management expense ratios were 21.85% and 6.65%, respectively, showing a decrease in sales expenses due to improved efficiency in the sales team [2]. - The forecast for revenue from 2024 to 2026 is projected to be 8.45 billion, 10.10 billion, and 11.62 billion RMB, with corresponding adjusted net profits of 2.02 billion, 2.46 billion, and 2.88 billion RMB, indicating growth rates of 24.5%, 21.6%, and 17.2% respectively [3][4].
珍酒李渡：2024年中报点评：产品结构升级，业绩实现高增