GUJING(000596) Ping An Securities·2024-09-01 02:08Investment Rating - The report maintains a "Recommended" rating for Gujing Gongjiu [3][7][14] Core Views - The company achieved a revenue of 13.8 billion yuan in 1H24, representing a year-on-year growth of 22%, with a net profit of 3.6 billion yuan, up 29% year-on-year [6][7] - The product structure is upgrading, with significant growth in the premium product segment, particularly the aged raw liquor [7] - The company is expanding its market presence outside its base region, with notable growth in the North China market [7] Financial Performance Summary - 1H24 revenue breakdown: aged raw liquor 10.8 billion yuan (+23% YoY), Gujing Gongjiu 1.2 billion yuan (+11% YoY), and Huanghelou and others 1.4 billion yuan (+27% YoY) [7] - 2Q24 gross margin improved to 80.5%, up 2.7 percentage points year-on-year, indicating enhanced profitability [7] - The company’s net profit margin for 2Q24 was 27.3%, an increase of 1.7 percentage points year-on-year [7] Market Expansion and Strategy - Revenue by region in 1H24: Central China 11.9 billion yuan (+21% YoY), North China 1.1 billion yuan (+35% YoY), South China 800 million yuan (+17% YoY) [7] - The company is accelerating its national expansion strategy, with solid performance in its home market of Anhui and ongoing growth in Jiangsu, Hebei, and Shandong [7] Future Projections - The forecast for net profit in 2024-2026 has been adjusted to 5.8 billion, 7.0 billion, and 8.3 billion yuan respectively [7][8] - The company is expected to maintain a strong growth trajectory, driven by stable growth in its core products and effective market expansion strategies [7][8]