老白干酒：Q2业绩超预期，降本增效行动成果斐然

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported a significant increase in revenue and net profit for the first half of 2024, with revenue reaching 2.47 billion yuan, a year-on-year increase of 10.65%, and net profit attributable to shareholders of 304 million yuan, up 40.25% [6] - The second quarter of 2024 saw revenue of 1.34 billion yuan, a 9.00% year-on-year increase, and net profit of 168 million yuan, which is a 46.69% increase compared to the same period last year [6] - The company has successfully optimized its product structure, leading to positive revenue growth across different price segments and brands [6] - The company expects revenue growth to continue, projecting revenues of 5.97 billion yuan, 6.91 billion yuan, and 8.02 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 13.5%, 15.9%, and 16.0% [7] Financial Performance Summary - For the first half of 2024, the company achieved a gross margin of 68.48% and a net margin of 12.55%, with a notable decrease in sales and management expense ratios [7] - The operating cash flow for the first half of 2024 was 220 million yuan, a 32.2% increase year-on-year, indicating strong cash flow performance [7] - The company’s total assets were reported at 9.43 billion yuan, with a total market capitalization of approximately 16.52 billion yuan [8] Brand and Regional Performance - Revenue from different brands showed positive growth, with notable increases for brands such as Laobai Gan and Wuling, achieving year-on-year growth rates of 19.1% and 20.2% respectively [6] - Regional performance varied, with Shandong showing a 33.4% increase in revenue, while overseas revenue experienced a slight decline of 9.8% [6] Future Projections - The report forecasts net profit attributable to shareholders to reach 870 million yuan, 1.12 billion yuan, and 1.44 billion yuan for 2024, 2025, and 2026 respectively, with growth rates of 30.9%, 28.4%, and 28.7% [7][9] - The company is expected to maintain a strong return on equity, projected to be 17.2% in 2024 and increasing to 24.9% by 2026 [9]