GUJING(000596) Huaxin Securities·2024-08-31 10:07Investment Rating - The report maintains a "Buy" investment rating for the company [2][4] Core Views - The company achieved a revenue of 13.806 billion yuan in the first half of 2024, representing a year-on-year increase of 22.07%, with a net profit of 3.573 billion yuan, up 28.54% year-on-year [2] - The second quarter of 2024 saw revenue of 5.519 billion yuan, an increase of 16.79%, and a net profit of 1.507 billion yuan, up 24.57% year-on-year [2] - The gross profit margin for the first half of 2024 was 80.41%, an increase of 1.53 percentage points year-on-year, attributed to product mix improvement [2] - The company plans to achieve revenue and total profit of 24.45 billion yuan and 7.95 billion yuan respectively in 2024, with expected year-on-year growth of 20.72% and 25.55% [4] Revenue Growth and Profitability - The company’s revenue from different product lines in the first half of 2024 was as follows: Year-round raw liquor 10.787 billion yuan (+23.12%), Gujing Gongjiu 1.238 billion yuan (+11.47%), and Huanghelou and others 1.403 billion yuan (+26.58%) [3] - Online and offline revenue for the first half of 2024 was 408 million yuan (+18.88%) and 13.397 billion yuan (+22.17%) respectively [3] - The number of distributors increased to 4,782, a net increase of 141 year-on-year [3] Financial Forecasts - The company’s earnings per share (EPS) for 2024-2026 are projected to be 10.91, 13.64, and 16.78 yuan, with corresponding price-to-earnings (P/E) ratios of 16, 13, and 10 times [4][6] - The company’s revenue growth rates are forecasted at 21.5% for 2024, 18.6% for 2025, and 18.2% for 2026 [6][8] - The net profit growth rates are expected to be 25.6% for 2024, 25.0% for 2025, and 23.0% for 2026 [6][8]