五粮液：找准发力方向，品牌优势凸显

Investment Rating - The report maintains a "Buy" rating for Wuliangye (000858.SZ) [1][4] Core Insights - The company achieved revenue of 50.648 billion yuan in the first half of 2024, representing a year-on-year increase of 11.3%. The net profit attributable to shareholders was 19.057 billion yuan, up 11.86% year-on-year [1][2] - The company successfully met its annual target halfway through the year, with significant growth in core markets such as Jiangsu and Sichuan, driven by products like 1618 and low-alcohol Wuliangye [2] - The company is focusing on deepening its product lines, particularly in generational and series wines, with total liquor revenue reaching 47.111 billion yuan, a year-on-year increase of 12.46% [2][3] Financial Performance Summary - In the first half of 2024, the company reported a revenue of 50.648 billion yuan, with a net profit of 19.057 billion yuan. The cash flow from operations was 13.428 billion yuan, reflecting an 18.52% increase year-on-year [1] - The gross profit margin for the company improved slightly to 77.36%, with a year-on-year increase of 0.58 percentage points [2][3] - The company’s advertising and promotional expenses increased, contributing to a slight improvement in profitability, with a net profit margin of 37.63% for the first half of 2024 [3] Earnings Forecast - The report projects diluted earnings per share (EPS) for 2024, 2025, and 2026 to be 8.74 yuan, 9.78 yuan, and 10.85 yuan respectively, indicating a steady growth trajectory [4][6]