Kouzijiao(603589) Haitong Securities·2024-09-02 05:50Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][7] Core Views - The company reported a total revenue of 3.166 billion yuan for the first half of 2024, representing a year-on-year increase of 8.7%, with a net profit attributable to shareholders of 949 million yuan, up 11.9% year-on-year [6] - The company has strengthened the promotion of its product series, leading to significant growth in low-end liquor revenue, with a 50.9% year-on-year increase in the first half of 2024 [6] - The company is focusing on refining its domestic market strategy and has seen good performance in direct sales channels, with a 66.4% year-on-year increase in revenue from direct sales in the first half of 2024 [6] - The company's gross margin improved, reaching 75.8% in the first half of 2024, up 1.98 percentage points year-on-year, attributed to better product structure and increased sales of the promoted series [6] Financial Performance Summary - For 2024, the company is expected to achieve earnings per share (EPS) of 3.26 yuan, with projected revenues of 6.626 billion yuan and a net profit of 1.958 billion yuan [8][10] - The gross margin is projected to improve to 76.1% in 2024, with a net profit margin of 29.6% [10] - The company anticipates a net profit growth rate of 13.8% for 2024, with a steady increase in revenue expected over the next few years [10][11]