Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% relative to the industry index within the next six months [10]. Core Insights - Despite industry pressures, the company continues to provide optimal solutions, focusing on high-end customized products and enhancing brand influence through strategic partnerships and events [2][4]. - The company reported a revenue of 5.943 billion yuan in H1 2024, a year-on-year increase of 1.3%, and a net profit attributable to shareholders of 155 million yuan, up 2.8% year-on-year [1]. - The company is adapting to market changes by emphasizing boutique wines and developing new product strategies to meet consumer demands [2]. Financial Summary - Revenue (in million yuan): - 2022A: 8,708 - 2023A: 10,121 - 2024E: 10,931 - 2025E: 12,133 - 2026E: 13,346 - Year-on-year growth rates for revenue: - 2022: 16.7% - 2023: 16.2% - 2024E: 8.0% - 2025E: 11.0% - 2026E: 10.0% [5] - Net profit (in million yuan): - 2022A: 366 - 2023A: 235 - 2024E: 256 - 2025E: 303 - 2026E: 355 - Year-on-year growth rates for net profit: - 2022: -45.8% - 2023: -35.8% - 2024E: 8.6% - 2025E: 18.5% - 2026E: 17.1% [5] - EPS (in yuan): - 2022A: 0.88 - 2023A: 0.56 - 2024E: 0.61 - 2025E: 0.73 - 2026E: 0.85 [5] Market Position and Strategy - The company is focusing on enhancing consumer trust and brand influence through its extensive distribution network and commitment to product authenticity [4]. - The company is also addressing the challenges posed by e-commerce and counterfeit products by strengthening partnerships with responsible distributors [2][4].
华致酒行：行业压力窥豹，华致仍提供最优解