WLY(000858) 广发证券·2024-08-29 06:43Investment Rating - The report maintains a "Buy" rating for Wuliangye [5] Core Views - The company reported a total revenue of 50.65 billion yuan for H1 2024, representing a year-on-year increase of 11.3%, and a net profit attributable to shareholders of 19.06 billion yuan, up 11.9% year-on-year [2] - In Q2 2024, the company achieved a revenue of 15.82 billion yuan, reflecting a 10.1% year-on-year growth, and a net profit of 5.01 billion yuan, which is an increase of 11.5% year-on-year [2] - The product lines are performing well, with revenue from Wuliangye and other liquor products reaching 39.21 billion yuan and 7.91 billion yuan respectively, showing year-on-year growth of 11.5% and 17.8% [2] - The company is expanding its distributor team, with a net increase of 98 and 268 distributors for Wuliangye and Wuliang Nuo Xiang liquor respectively [2] - The gross margin improved, with H1 2024 gross margin at 77.4%, up 0.6 percentage points year-on-year, and Q2 2024 gross margin at 75.0%, up 1.7 percentage points year-on-year [2] - Cash flow is strong, with sales cash receipts reaching 49.65 billion yuan, a year-on-year increase of 15.3% [2] Financial Forecast and Investment Suggestions - The report maintains previous earnings forecasts, expecting revenues of 92 billion yuan, 102 billion yuan, and 111 billion yuan for 2024-2026, with year-on-year growth rates of 11%, 11%, and 9% respectively [3] - The net profit attributable to shareholders is projected to be 33.4 billion yuan, 37.1 billion yuan, and 40.8 billion yuan for the same period, with year-on-year growth rates of 11%, 11%, and 10% respectively [3] - The current stock price corresponds to a P/E ratio of 13, 12, and 11 for 2024-2026 [3] - The report suggests a target price of 146.29 yuan per share based on a 17x P/E for 2024 [3]