GUJING(000596) EBSCN·2024-09-02 10:41Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company demonstrated robust revenue growth with a total revenue of 13.806 billion yuan in the first half of 2024, representing a year-on-year increase of 22.07%, and a net profit attributable to shareholders of 3.573 billion yuan, up 28.54% year-on-year [2][3] - The second quarter of 2024 saw a total revenue of 5.519 billion yuan, reflecting a 16.79% year-on-year growth, and a net profit of 1.507 billion yuan, which is a 24.57% increase year-on-year [2] - The company continues to benefit from product structure upgrades and a solid domestic market foundation, with a strong national expansion strategy [2][3] Revenue and Profitability - The revenue breakdown for the first half of 2024 shows that the year-on-year raw liquor revenue increased by 23.12%, while the revenue from other products like Gujingong liquor and Huanghelou grew by 11.47% and 26.58% respectively [2] - The sales gross margin for Q2 2024 was 80.5%, an increase of 2.72 percentage points year-on-year, indicating a significant improvement due to product structure upgrades [3] - The net profit margin for Q2 2024 reached 27.3%, up 1.7 percentage points year-on-year, benefiting from optimized gross margins [3] Forecasts and Valuation - The profit forecasts for 2024 and 2025 have been raised to 5.749 billion yuan and 7.076 billion yuan respectively, with a new forecast for 2026 set at 8.382 billion yuan [3] - The earnings per share (EPS) estimates for 2024, 2025, and 2026 are projected to be 10.88 yuan, 13.39 yuan, and 15.86 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 16, 13, and 11 times [3][5]