Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 20% relative to the market benchmark within the next six months [14]. Core Insights - The company reported a revenue of 4.133 billion yuan for the first half of 2024, representing a year-on-year growth of 17.5%, and an adjusted net profit of 1.018 billion yuan, up 26.9% year-on-year, showcasing robust revenue growth and strong performance [2]. - The company's main product,珍酒, achieved a revenue of 2.7 billion yuan in the first half of 2024, with a year-on-year growth of 17.2%, accounting for 65.4% of total revenue. The sales volume and price per ton increased by 7.9% and 8.6% respectively, driven by the growth of high-end product series [2]. - 李渡, another key product, saw a revenue of 670 million yuan, with a remarkable year-on-year growth of 37.9%, and its revenue contribution rose to 16.3%. The sales volume and price per ton increased by 30.2% and 5.9% respectively, indicating strong market penetration [2]. - The company has optimized its internal operations, leading to improved profitability, with a gross margin of 58.8% and an adjusted net profit margin of 24.6% in the first half of 2024, reflecting a year-on-year increase of 0.9 and 1.8 percentage points respectively [2]. Financial Summary - The company forecasts net profits of 1.756 billion yuan, 2.166 billion yuan, and 2.551 billion yuan for 2024, 2025, and 2026 respectively, with a year-on-year change of -25%, 23%, and 18% [5][11]. - The projected revenue growth rates are 20% for 2024, 15% for 2025, and 14% for 2026, indicating a stable growth trajectory [5][11]. - The company’s gross margin is expected to improve gradually, reaching 60.8% by 2026, while the net profit margin is projected to be 23% in the same year [11].
珍酒李渡：珍酒量价齐升，李渡增长领先，整体势能向上