泸州老窖：2024年中报点评：增速回落，营销攻坚

Investment Rating - The report maintains a "Strong Buy" rating for Luzhou Laojiao (000568) with a target price of 206 CNY, compared to the current price of 119.28 CNY [2]. Core Insights - The company reported a revenue of 16.9 billion CNY for the first half of 2024, representing a year-on-year growth of 15.8%, while the net profit attributable to shareholders was 8.03 billion CNY, up 13.2% year-on-year [2]. - In Q2 alone, revenue was 7.72 billion CNY, with a growth of 10.5%, and net profit was 3.45 billion CNY, growing by 2.2% [2]. - The report indicates a slowdown in growth rates, with the company facing external demand pressures and increased competition [2]. - The gross margin remains stable at 88.8%, although the net profit margin decreased to 44.8% in Q2 due to higher tax rates and increased sales expenses [2]. - The company aims to achieve a revenue growth target of over 15% for the full year, despite the operational pressures faced in Q2 [2]. Financial Summary - For 2024, the projected total revenue is 34.89 billion CNY, with a year-on-year growth rate of 15.4% [3]. - The net profit for 2024 is estimated at 15.13 billion CNY, reflecting a growth of 14.2% [3]. - The earnings per share (EPS) for 2024 is forecasted to be 10.28 CNY, with a price-to-earnings (P/E) ratio of 12 [3]. - The company’s total assets are projected to reach 87.77 billion CNY by 2024, with a debt-to-equity ratio of 28.3% [13].