古井贡酒2024年中报点评：收入平稳双位数增，盈利能力继续提升

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a stable double-digit revenue growth with a total operating revenue of 13.806 billion yuan for H1 2024, representing a year-on-year increase of 22.07%. The net profit attributable to the parent company was 3.573 billion yuan, up 28.54% year-on-year [6][7]. - The second quarter of 2024 saw an operating revenue of 5.519 billion yuan, reflecting a year-on-year growth of 16.79%, with a net profit of 1.507 billion yuan, an increase of 24.57% year-on-year [6][7]. - The company's strategy of "nationalization and next-high-end" is progressing steadily, aiming to achieve a target of 30 billion yuan during the 14th Five-Year Plan period [7]. Summary by Sections Financial Performance - For H1 2024, the company achieved total operating revenue of 13.806 billion yuan, a 22.07% increase year-on-year. The net profit attributable to the parent company was 3.573 billion yuan, up 28.54% year-on-year, and the non-recurring net profit was 3.541 billion yuan, increasing by 29.64% [6][7]. - In Q2 2024, the operating revenue was 5.519 billion yuan, a 16.79% year-on-year increase, with a net profit of 1.507 billion yuan, reflecting a 24.57% increase year-on-year [6][7]. Product and Regional Performance - The product performance showed significant growth, with the aged original liquor generating 10.787 billion yuan (up 23.12% year-on-year), and the Gujing Gongjiu product line reaching 1.238 billion yuan (up 11.47% year-on-year) [6][7]. - Regionally, the North China market performed well with revenue of 1.109 billion yuan (up 35.1% year-on-year), while the Central China market generated 11.87 billion yuan (up 21.34% year-on-year) [6][7]. Profitability Metrics - The company experienced a faster profit growth rate than revenue, with a gross margin increase of 2.72 percentage points to 80.5% in Q2 2024. The net profit margin increased by 1.7 percentage points to 27.3% [6][7]. - The overall expense ratio showed improvement, with a notable decrease in financial expense ratio by 3.13 percentage points [6][7]. Future Outlook - The company is expected to achieve earnings per share (EPS) of 10.96 yuan and 13.67 yuan for 2024 and 2025, respectively, corresponding to price-to-earnings (PE) ratios of 15 and 12 times based on the current stock price [7].