LAO BAI GAN JIU(SH:600559) Soochow Securities·2024-08-28 23:00Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a revenue of 2.47 billion yuan for H1 2024, representing a year-on-year increase of 10.7%, with a net profit of 300 million yuan, up 40.25% year-on-year [3] - The company's main brands, including the core products, showed strong performance, with revenue growth of 19.1% and 15.1% for the main brand and Wuling respectively in H1 2024 [3] - The gross margin performance exceeded annual guidance, with a Q2 gross margin of 68.5%, and a reduction in sales expense ratio by 4.7 percentage points to 30.1% [4] - The company is expected to see steady profit growth in the upcoming quarters, with revised net profit forecasts for 2024-2026 being 870 million, 1.09 billion, and 1.32 billion yuan respectively, reflecting year-on-year growth of 30%, 25%, and 21% [4] Financial Performance Summary - Total revenue for 2022 was 4.653 billion yuan, with projections of 5.257 billion yuan for 2023, 5.795 billion yuan for 2024, and 6.480 billion yuan for 2025, indicating a compound annual growth rate (CAGR) of 10.23% from 2023 to 2024 [2] - The net profit for 2022 was 707.6 million yuan, with forecasts of 665.94 million yuan for 2023, 868.14 million yuan for 2024, and 1.08791 billion yuan for 2025, showing a significant recovery in 2024 with a year-on-year growth of 30.36% [2] - The latest diluted EPS is projected to be 0.95 yuan for 2024, with a P/E ratio of 17.18 based on current market price [2] Market Data - The closing price of the stock is 16.30 yuan, with a market capitalization of approximately 14.91 billion yuan [6] - The stock has a price-to-book ratio of 3.11 [6] - The company has a total asset-liability ratio of 49.13% [7]