舍得酒业Q2销售节奏承压，大众价位相对稳健

Investment Rating - The investment rating for the company is "Accumulate" [3][5]. Core Views - The company reported a revenue of 3.271 billion yuan and a net profit attributable to shareholders of 591 million yuan for the first half of 2024, reflecting a year-on-year decline of 7.28% and 35.73% respectively. In Q2 2024, the revenue was 1.165 billion yuan, with a net profit of 41 million yuan, showing a significant decline of 88.70% year-on-year [3][4]. - The company is currently in an adjustment phase within the liquor industry, focusing on "stabilizing prices, controlling inventory, and enhancing sales" as core principles. It aims to strengthen its market presence in key regions while exploring growth opportunities in its product lines [5][6]. Financial Summary - For 2024, the company expects revenues of 6.733 billion yuan, with a year-on-year decline of 4.9%. The net profit attributable to shareholders is projected to be 1.416 billion yuan, down 20.1% year-on-year. The gross margin is expected to be 72.5% [7][8]. - The company anticipates a gradual recovery in sales rhythm, with projected revenues for 2025 and 2026 at 7.502 billion yuan and 8.281 billion yuan respectively, alongside net profits of 1.564 billion yuan and 1.705 billion yuan [5][7].