WLY(SZ:000858) CHINA DRAGON SECURITIES·2024-09-02 09:31Investment Rating - The investment rating for the company is "Accumulate" (首次覆盖) [1] Core Views - The company achieved double-digit growth in the first half of 2024, with a sales revenue of 39.205 billion yuan, representing a year-on-year increase of 11.45% [3] - The gross profit margin for the company's products was 86.69%, showing a slight decline of 0.11 percentage points year-on-year, while the gross profit margin for other alcoholic beverages increased by 1.58 percentage points to 62.23% [3] - The company is focusing on mid-to-high-priced products, which has led to an improvement in profitability, with a net profit margin of 39.15%, up 0.05 percentage points year-on-year [4] Financial Performance Summary - The company’s sales revenue for the first half of 2024 was 39.205 billion yuan, with a gross profit margin of 77.36%, an increase of 0.58 percentage points year-on-year [4] - The company’s net profit for the first half of 2024 was 27.971 billion yuan, with a year-on-year growth of 14.17% [6] - The company’s operating income is projected to be 92.699 billion yuan in 2024, with a year-on-year growth of 11.32% [6] Market Data - As of August 30, 2024, the company's stock price was 123.03 yuan, with a total market capitalization of approximately 477.55 billion yuan [3] - The company has a total of 2,530 distributors, an increase of 98 from the previous year, with significant growth in the eastern region [3] Earnings Forecast - The forecast for the company's revenue is 92.699 billion yuan for 2024, 102.068 billion yuan for 2025, and 112.356 billion yuan for 2026, with respective growth rates of 11.32%, 10.11%, and 10.08% [6] - The projected net profit for 2024 is 33.676 billion yuan, with a year-on-year growth of 11.47% [6]