Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Insights - The company achieved a total revenue of 4.133 billion HKD in H1 2024, representing a year-on-year increase of 17.46%. However, the profit attributable to shareholders decreased by 52.57% to 0.752 billion HKD. The Non-IFRS net profit increased by 26.87% to 1.018 billion HKD [5][6]. - The company has seen steady growth across its brands, with revenue from the main brand, Zhenjiu, reaching 2.7 billion HKD (up 17.2% YoY), and Li Du achieving 0.68 billion HKD (up 37.9% YoY). The company is expanding its distribution channels and has increased its number of partners and retail outlets [5][6]. - The gross margin improved to 58.8% (up 0.9 percentage points YoY), driven by a higher proportion of premium products. The sales expense ratio decreased slightly to 21.8% [5][6]. Summary by Sections Financial Performance - Total revenue for H1 2024 was 4.133 billion HKD, up 17.46% YoY - Profit attributable to shareholders was 0.752 billion HKD, down 52.57% YoY - Non-IFRS net profit was 1.018 billion HKD, up 26.87% YoY [5][6]. Brand Performance - Zhenjiu revenue was 2.7 billion HKD (up 17.2% YoY) - Li Du revenue was 0.68 billion HKD (up 37.9% YoY) - Xiangjiao revenue was 0.45 billion HKD (up 2.4% YoY) - Kaikouxiao revenue was 0.22 billion HKD (up 1.6% YoY) [5][6]. Channel Expansion - The number of distribution partners increased to 3,107 (up 169 from the end of 2023) - The number of experience stores reached 1,061 (up 119 from the end of 2023) - The number of retailers increased to 3,192 (up 49 from the end of 2023) [5][6]. Margin and Cost Structure - Gross margin improved to 58.8% (up 0.9 percentage points YoY) - Sales expense ratio decreased to 21.8% (down 1.2 percentage points YoY) - The overall ton price was 292,000 HKD/ton (up 9.9%) [5][6]. Future Outlook - The company is expected to maintain steady revenue growth throughout 2024, benefiting from a multi-brand strategy and improvements in the sauce liquor industry [6]. - Projected EPS for 2024 and 2025 are 0.59 HKD and 0.70 HKD, respectively, with corresponding PE ratios of 11 and 9 times [6].
珍酒李渡2024年中报点评：业绩稳健增长，势能逐级向上