Shanxi Xinghuacun Fen Wine Factory (600809) 首创证券·2024-09-04 03:30Investment Rating - The investment rating for the company is "Buy" [2][6]. Core Insights - The company reported a strong performance in the first half of 2024, with revenue of 22.746 billion yuan, a year-on-year increase of 19.65%, and a net profit of 8.410 billion yuan, up 24.27% year-on-year [3]. - The company is adjusting its product rhythm and continuing its national expansion, with a focus on controlling inventory and optimizing product structure [3]. - The gross profit margin has slightly decreased, reflecting a temporary adjustment in product rhythm, but the overall brand strength and market expansion remain robust [3]. - The company is expected to achieve net profits of 12.81 billion yuan, 15.21 billion yuan, and 17.89 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding growth rates of 23%, 19%, and 18% [3]. Summary by Sections Financial Performance - For Q2 2024, the company achieved revenue of 7.408 billion yuan, a year-on-year increase of 17.06%, and a net profit of 2.147 billion yuan, up 10.23% year-on-year [3]. - The revenue from high-end liquor and other liquor categories in Q2 2024 was 4.567 billion yuan and 2.796 billion yuan, respectively, with year-on-year growth rates of 1.51% and 58.33% [3]. - The company’s gross profit margin for Q2 2024 was 75.09%, down 2.70 percentage points year-on-year [3]. Market Expansion - The company has increased its number of distributors to 4,196, a net increase of 256 compared to the end of 2023 [3]. - Revenue from the domestic market in Q2 2024 was 2.797 billion yuan, up 11.20% year-on-year, while revenue from the external market was 4.566 billion yuan, up 21.78% year-on-year [3]. Future Projections - The company forecasts revenue growth rates of 21.8%, 19.8%, 18.5%, and 17.2% for the years 2024, 2025, 2026, and beyond [4]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 10.50 yuan, 12.47 yuan, and 14.67 yuan, respectively [4].