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金种子酒:24H1点评:聚焦白酒主业,业绩符合预期
AGSWAGSW(SH:600199)2024-08-29 01:12

Investment Rating - The investment rating for the company is maintained at "Outperform" [4][5]. Core Insights - The company reported a total revenue of 667 million in H1 2024, a year-on-year decrease of 13.16%, while achieving a net profit of 11 million, indicating a turnaround from losses [4][5]. - The second quarter of 2024 saw a revenue of 247 million, down 26.25% year-on-year, with a net profit of -7 million, compared to a profit of 3 million in the same quarter of the previous year [4][5]. - The company has adjusted its profit forecasts for 2024-2026, predicting net profits of 14 million, 102 million, and 120 million respectively, with significant growth expected in 2025 and 2026 [4][5]. Financial Summary - As of June 30, 2024, the company had a net asset value per share of 3.84 yuan and a debt-to-asset ratio of 23.55% [3]. - The company's total revenue for 2023 was 1,469 million, with projections of 1,250 million for 2024, followed by 1,357 million in 2025 and 1,456 million in 2026 [6][8]. - The gross profit margin for H1 2024 was reported at 43.5%, an increase of 7.91 percentage points year-on-year, attributed to the cessation of pharmaceutical sales [5][6]. Revenue Breakdown - In Q2 2024, the company's liquor revenue was 183 million, a decline of 14.92% year-on-year, with high-end liquor sales increasing by 50.34% to 12 million [5]. - The company’s revenue from provincial sales was 136 million, down 21.82%, while out-of-province sales increased by 13.99% to 47 million, indicating a shift in market performance [5]. Market Performance - The stock price closed at 10.36 yuan, with a market capitalization of 6,815 million [2]. - The company’s price-to-earnings ratio for 2024 is projected at 487x, reflecting the impact of the halted pharmaceutical sales on overall performance [4][6].