Shanxi Xinghuacun Fen Wine Factory (SH:600809) Tebon Securities·2024-09-01 06:11Investment Rating - The report maintains an "Accumulate" rating for the company [2] Core Views - The company achieved a revenue of 22.746 billion yuan in H1 2024, representing a year-on-year increase of 19.65%, and a net profit attributable to the parent company of 8.410 billion yuan, up 24.27% year-on-year [7] - The product structure has slightly shifted downwards, with accelerated development in online channels, achieving significant sales growth in e-commerce platforms [7] - The company is expected to generate revenues of 38.48 billion yuan, 45.26 billion yuan, and 53.21 billion yuan for the years 2024, 2025, and 2026 respectively, with year-on-year growth rates of 20.5%, 17.6%, and 17.5% [8] Financial Summary - Total shares outstanding: 1,219.96 million [6] - Total market capitalization: 215,726.27 million yuan [6] - Revenue and net profit forecasts for 2023 to 2026: - 2023: Revenue 31,928 million yuan, Net Profit 10,438 million yuan - 2024E: Revenue 38,479 million yuan, Net Profit 12,909 million yuan - 2025E: Revenue 45,263 million yuan, Net Profit 15,472 million yuan - 2026E: Revenue 53,206 million yuan, Net Profit 18,382 million yuan [9] - Gross margin is projected to remain stable around 75.4% for the forecast period [9]