GUJING(000596) Minsheng Securities·2024-08-31 14:30Investment Rating - The report maintains a "Recommended" rating for the company [2] Core Views - The company achieved a total revenue of 13.806 billion yuan and a net profit attributable to shareholders of 3.573 billion yuan in the first half of 2024, representing year-on-year growth of 22.07% and 28.54% respectively [2] - The revenue for Q2 2024 was 5.519 billion yuan, with a net profit of 1.507 billion yuan, showing year-on-year increases of 16.79% and 24.57% respectively [2] - The company's contract liabilities at the end of H1 2024 were 2.218 billion yuan, down 26.67% year-on-year, indicating fluctuations in contract liabilities and revenue growth [2] - The Year Original Series saw both volume and price increases, with revenue from the white liquor business reaching 13.428 billion yuan, a year-on-year increase of 22.29% [2] - The gross profit margin for the Year Original Series improved to 86.31%, up 1.16 percentage points year-on-year [2] - The company expects net profit attributable to shareholders to grow by 26.4%, 23.5%, and 20.3% in 2024, 2025, and 2026 respectively, with corresponding PE ratios of 16, 13, and 11 [2] Summary by Sections Financial Performance - Total revenue for 2023 is projected at 20.254 billion yuan, with a growth rate of 21.2% [6] - The net profit attributable to shareholders for 2023 is estimated at 4.589 billion yuan, reflecting a growth rate of 46.0% [6] - The gross margin for 2024 is expected to be 80.79%, with a net profit margin of 23.87% [6] Product Performance - The Year Original Series contributed 80.33% to the total revenue, with a revenue increase of 23.12% year-on-year [2] - The company plans to launch new products in the Grape Wine Series, which is expected to sustain the growth trend in the second half of the year [2] Market Dynamics - The company experienced significant growth in the North China market, with revenue increasing by 35.10% year-on-year [2] - Online sales grew by 18.88%, while offline sales increased by 22.17% in H1 2024 [2] Cost Management - The company managed to reduce its sales and management expense ratios, contributing to improved profitability [2] - The gross profit margin for H1 2024 was 80.41%, an increase of 1.53 percentage points year-on-year [2]