山西汾酒：事件点评 ：主动控量调结构，省外增长势头强劲

Investment Rating - The investment rating for the company is "Accumulate" [3] Core Views - The company achieved a revenue of 22.75 billion yuan in H1 2024, representing a year-on-year increase of 19.7%, and a net profit attributable to shareholders of 8.41 billion yuan, up 24.3% year-on-year [4] - The company aims to reach a market target of over 50 billion yuan, with a comprehensive price increase strategy for its products and a focus on upgrading its marketing system [5] - The company has shown strong performance in the mid-to-high-end liquor segment, with revenue from this category reaching 16.43 billion yuan, a 17.4% increase year-on-year, accounting for 72.2% of total revenue [5] Summary by Sections Financial Performance - In Q2 2024, the company reported revenue of 7.41 billion yuan, a 17.1% increase year-on-year, and a net profit of 2.15 billion yuan, up 10.2% year-on-year [4] - The gross margin for H1 2024 was 76.7%, a 0.4 percentage point increase year-on-year, while Q2 saw a slight decline to 75.1% due to product structure adjustments [5] Market Strategy - The company is focusing on national expansion, particularly in core markets south of the Yangtze River, with revenue from these regions growing by 25.7% year-on-year [5] - The marketing strategy includes a comprehensive upgrade of the product line and a focus on high-end products, which have shown strong price advantages despite a weak consumption environment [5] Future Projections - Revenue projections for 2024-2026 are 38.52 billion, 45.15 billion, and 52.03 billion yuan, with year-on-year growth rates of 20.7%, 17.2%, and 15.2% respectively [6] - Net profit projections for the same period are 13.25 billion, 16.26 billion, and 19.33 billion yuan, with growth rates of 26.9%, 22.7%, and 18.9% respectively [6]