老白干酒：白酒收入稳健增长，费用优化驱动利润释放

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company reported a total revenue of 2.47 billion yuan for the first half of 2024, representing a year-on-year increase of 10.7%, with a net profit attributable to shareholders of 304 million yuan, up 40.3% year-on-year [6] - The second quarter of 2024 saw a revenue of 1.34 billion yuan, a 9.0% increase year-on-year, and a net profit of 168 million yuan, reflecting a 46.7% year-on-year growth [6] - The company’s white liquor revenue grew significantly, with a 16.3% increase to 2.45 billion yuan in the first half of 2024, and a 11.5% increase in the second quarter [6] - The company’s gross profit margin decreased by 1.3 percentage points year-on-year, while the net profit margin increased by 2.6 percentage points to 12.3% [7] - The forecast for earnings per share (EPS) for 2024-2026 is 0.97, 1.19, and 1.44 yuan per share, respectively, with a target price range of 24.23 to 29.07 yuan based on a P/E ratio of 25-30 times for 2024 [7] Summary by Sections Financial Performance - In the first half of 2024, the company achieved total revenue of 2.47 billion yuan, with a net profit of 304 million yuan [6] - The second quarter revenue was 1.34 billion yuan, with a net profit of 168 million yuan [6] - The company’s white liquor revenue for the first half of 2024 was 2.45 billion yuan, with significant growth across various brands and price segments [6] Profitability and Cost Management - The gross profit margin for the first half of 2024 was 65.9%, with a decrease of 1.3 percentage points year-on-year [7] - The net profit margin improved to 12.3%, driven by a reduction in sales and management expense ratios [7] Future Outlook - The company is expected to see EPS growth from 0.97 yuan in 2024 to 1.44 yuan in 2026, indicating a positive growth trajectory [8] - The estimated revenue for 2024 is projected to be 5.78 billion yuan, with a year-on-year growth rate of 10.0% [8]