Investment Rating - The investment rating for the company is "Buy" with a target price indicating an expected relative return of over 20% within the next six months [4][10]. Core Views - The company reported a revenue of 1.81 billion yuan in Q2 2024, a year-on-year decrease of 14.77%, and a net profit attributable to shareholders of 25 million yuan, down 49.10% year-on-year [1]. - The company’s focus on premium liquor sales has established a solid revenue base, with a slight increase in the sales proportion of premium liquor expected [1]. - The company is advancing its store upgrade strategy, aiming to create a new model combining premium liquor, high-end dining, and entertainment ecosystems [1]. - The gross margin decreased to 10.55% in Q2 2024, primarily due to a rise in premium liquor sales proportion but a decline in some premium liquor margins [1]. - The company continues to optimize personnel to reduce expense ratios, with a sales expense ratio of 6.89% and a management expense ratio of 2.30% in Q2 2024 [1]. Financial Summary - Revenue projections for 2024-2026 are adjusted to 10.98 billion yuan, 12.15 billion yuan, and 13.43 billion yuan, respectively, reflecting a year-on-year growth of 8.52%, 10.63%, and 10.56% [2]. - The net profit attributable to shareholders is forecasted to be 255 million yuan, 307 million yuan, and 356 million yuan for 2024-2026, with growth rates of 8.38%, 20.49%, and 16.00% respectively [2]. - The company’s P/E ratios are projected to be 20.7, 17.2, and 14.8 for 2024-2026 [2]. - The company’s total assets are expected to reach 9.74 billion yuan by 2024, with a debt-to-asset ratio of 57.75% [6].
华致酒行：24H1名酒动销良好支撑收入，精品酒淡季略有承压