五粮液：点评报告：业绩平稳增长，推进高端布局

Investment Rating - The investment rating for the company is "Increase Holding" [4][8]. Core Views - The company has achieved steady performance growth, successfully meeting its target tasks for the first half of 2024, with a revenue of 50.648 billion yuan (YoY +11.30%) and a net profit attributable to shareholders of 19.057 billion yuan (YoY +11.86%) [3]. - The focus on mid-to-high-end products has led to an improvement in channel structure, with the core product, the eighth generation of Wuliangye, seeing a sales increase of 12.07% and revenue growth of 11.45% [3]. - Profit margins have shown a slight increase, with the gross margin rising by 0.58 percentage points to 77.36% in the first half of 2024, despite an increase in sales expenses [3]. Summary by Sections Financial Performance - In H1 2024, the company reported a revenue of 50.648 billion yuan, a year-on-year increase of 11.30%, and a net profit of 19.057 billion yuan, up 11.86% YoY. The Q2 revenue was 15.815 billion yuan (YoY +10.07%) with a net profit of 5.012 billion yuan (YoY +11.50%) [3]. - The company’s gross margin for H1 2024 was 77.36%, a slight increase of 0.58 percentage points, while the net profit margin rose by 0.05 percentage points to 39.15% [3]. Product and Channel Strategy - The eighth generation of Wuliangye saw a sales increase of 12.07% and revenue growth of 11.45%, while other series experienced a sales decline of 23.86% but revenue growth of 17.77% [3]. - Direct sales and distribution channels both showed steady growth, with direct sales revenue increasing by 11.01% and distribution revenue by 13.51% [3]. Profitability and Expense Management - The company’s selling expenses increased, with the selling expense ratio rising to 17.34% in Q2 2024, while the management expense ratio decreased to 4.26% [3]. - The net profit attributable to shareholders is projected to grow to 33.593 billion yuan in 2024, with expected growth rates of 11.20%, 10.96%, and 10.61% for 2024, 2025, and 2026 respectively [3].