LZLJ(SZ:000568) Ping An Securities·2024-08-31 03:30Investment Rating - The report maintains a "Recommended" rating for Luzhou Laojiao (000568.SZ) [1][4][9] Core Views - The company achieved a revenue of 16.9 billion yuan in the first half of 2024, representing a year-on-year growth of 15.8%, with a net profit of 8 billion yuan, up 13.2% year-on-year [3][4] - The growth in mid-to-high-end products remains stable, while the low-end product structure is being optimized [4] - The company is focusing on expanding its national presence while maintaining a solid foundation in the Sichuan and North China markets [4] Financial Summary - In 1H24, the revenue from mid-to-high-end liquor was 15.2 billion yuan, up 17% year-on-year, while other liquor revenue was 1.6 billion yuan, up 7% year-on-year [4] - The gross margin for 2Q24 was 88.8%, a slight increase of 0.2 percentage points year-on-year [4] - The company’s total liabilities to assets ratio stands at 40.3% [1] - The projected revenues for 2024-2026 are 34.77 billion yuan, 39.02 billion yuan, and 43.11 billion yuan, respectively, with year-on-year growth rates of 15.0%, 12.2%, and 10.5% [5][8]