金徽酒：营收增速阶段性放缓，蓄势双节旺季

Investment Rating - The report maintains a "Buy" rating for the company, with a target price indicating an expected return of over 20% within the next six months [2][10]. Core Insights - The company achieved revenue of 1.754 billion yuan, net profit of 295 million yuan, and net profit excluding non-recurring items of 302 million yuan for the first half of 2024, reflecting year-on-year growth of 15.17%, 15.96%, and 19.08% respectively [1]. - In Q2 2024, the company reported revenue of 678 million yuan, net profit of 74 million yuan, and net profit excluding non-recurring items of 80 million yuan, with year-on-year growth of 7.73%, 1.88%, and 10.56% respectively [1]. - The company is focusing on consolidating its market share in the domestic market while preparing for expansion into external markets, particularly in the regions surrounding Gansu [2]. - The company is experiencing a temporary slowdown in structural upgrades, with revenue from products priced above 300 yuan, between 100-300 yuan, and below 100 yuan showing varying growth rates [1][2]. Financial Performance - For Q2 2024, the company's revenue from domestic and external markets was 500 million yuan and 158 million yuan respectively, with year-on-year growth of 8.30% and 1.10% [2]. - The gross margin and net margin for Q2 2024 were 64.67% and 10.74%, showing a year-on-year change of 2.63 and -0.47 percentage points [2]. - The company has adjusted its profit forecasts for 2024-2026, now expecting net profits of 400 million yuan, 490 million yuan, and 620 million yuan respectively [2][4]. Market and Channel Strategy - The company is prioritizing market share growth in the domestic market, particularly in the Lanzhou area, while also planning to expand into the eastern and northern markets [2]. - The number of distributors increased by 217 to 1,025 in Q2 2024, indicating a focus on expanding distribution channels [2]. - The sales expense ratio decreased slightly, reflecting a strategic focus on resource allocation [2].