LZLJ(SZ:000568) Tai Ping Yang·2024-09-04 14:00Investment Rating - The report maintains a "Buy" rating for Luzhou Laojiao with a target price of 151.25 CNY, compared to the last closing price of 112.50 CNY [1][6]. Core Insights - In Q2 2024, Luzhou Laojiao reported a revenue of 77.16 billion CNY, a year-on-year increase of 10.51%, and a net profit of 34.54 billion CNY, up 2.24% year-on-year. For the first half of 2024, the company achieved a total revenue of 169.05 billion CNY, representing a 15.84% increase, and a net profit of 80.28 billion CNY, which is a 13.22% increase year-on-year [1][4]. - The company actively adjusted its inventory levels, leading to a decrease in stock levels by double digits expected by the end of August 2024. The revenue from liquor products in Q2 grew by 16.0% year-on-year, although there was a deceleration in growth due to external pressures [1][4]. - The gross profit margin for H1 2024 was 88.6%, with a slight increase of 0.2 percentage points year-on-year. However, the net profit margin in Q2 decreased by 3.6 percentage points to 44.8% due to increased tax burdens and changes in product structure [1][4]. Financial Summary - The company forecasts earnings per share (EPS) for 2024, 2025, and 2026 to be 10.09 CNY, 11.37 CNY, and 12.74 CNY respectively, with corresponding price-to-earnings (PE) ratios of 11, 10, and 9 times [1][7]. - The projected revenue for 2024 is 34.736 billion CNY, with a growth rate of 14.89%, and a net profit of 14.854 billion CNY, reflecting a growth rate of 12.14% [7][8].