老白干酒：老白干2024H1业绩点评：费率改善兑现，份额优势凸显

Investment Rating - The report maintains a "Buy" rating for the company, with a revised target price of 23.75 yuan, down from the previous 30.39 yuan [6][12]. Core Insights - The company exceeded profit expectations in Q2 2024, with a revenue growth of 9% and a profit increase of 46.69%, primarily driven by improved cost efficiency [12]. - The company is benefiting from a favorable product mix and regional market performance, particularly in Hebei, Shandong, and Anhui, where revenue growth rates were 14.52%, 35.99%, and 14.56% respectively [12]. - The report highlights that the company is positioned well within the industry as it enters a destocking phase, allowing it to gain market share and achieve a valuation premium [12]. Financial Summary - For 2024, the company is expected to achieve an EPS of 0.95 yuan, with upward revisions for 2024 and downward adjustments for 2025-2026 [12]. - The company reported a net profit of 1.68 billion yuan for Q2 2024, with a net profit margin improvement to 12.55%, up by 3.22 percentage points year-on-year [12]. - The financial outlook includes projected revenues of 5.887 billion yuan for 2024, with a growth rate of 12% [9]. Performance Metrics - The company’s net profit for 2023 was 666 million yuan, with a forecasted increase to 869 million yuan in 2024, representing a growth of 30.5% [9]. - The report indicates a significant improvement in sales expense ratio, which decreased by 4.71 percentage points, contributing to enhanced profitability [12]. - The company’s total assets are projected to reach 10.958 billion yuan by 2024, with a net asset return (ROE) of 15.2% [11].