LZLJ(000568) 长江证券·2024-09-11 01:39Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a stable double-digit revenue growth with a total operating revenue of 16.905 billion yuan for H1 2024, representing a year-on-year increase of 15.84%. The net profit attributable to the parent company was 8.028 billion yuan, up 13.22% year-on-year [5][6]. - In Q2 2024, the total operating revenue was 7.716 billion yuan, reflecting a year-on-year growth of 10.51%, while the net profit attributable to the parent company was 3.454 billion yuan, a modest increase of 2.24% year-on-year [5][6]. - The company is experiencing a dual-driver growth model with high-end and mid-range liquor products, showing strong adaptability and potential for continued growth [5]. Summary by Sections Financial Performance - For H1 2024, the company achieved total operating revenue of 16.905 billion yuan, a 15.84% increase year-on-year. The net profit attributable to the parent company was 8.028 billion yuan, up 13.22% year-on-year, and the non-recurring net profit was 7.994 billion yuan, increasing by 13.54% [5][6]. - In Q2 2024, the total operating revenue was 7.716 billion yuan, a 10.51% year-on-year increase, while the net profit attributable to the parent company was 3.454 billion yuan, reflecting a 2.24% year-on-year growth [5][6]. Revenue Breakdown - The mid-to-high-end liquor segment generated revenue of 15.213 billion yuan in H1 2024, with a year-on-year increase of 17.12%. The volume increased by 25.71%, while the price decreased by 6.84%. Other liquor categories achieved revenue of 1.625 billion yuan, up 6.86% year-on-year, with volume growth of 0.56% and price growth of 6.27% [5][6]. Profitability Analysis - The profit growth in Q2 2024 was slower, with a slight increase in gross margin and optimization in management expense ratio offsetting a small rise in sales expense ratio. The decline in net profit margin was primarily due to significant increases in operating tax rates and income tax rates [5][6]. - The net profit margin for Q2 2024 decreased by 3.62 percentage points to 44.76%, with a gross margin increase of 0.17 percentage points to 88.81% [5][6]. Future Outlook - The company is expected to maintain strong growth in the mid-range liquor segment, which is gradually recovering from an adjustment period. The projected EPS for 2024 and 2025 is 10.24 yuan and 11.64 yuan, respectively, corresponding to a PE ratio of 11 and 10 times [5][6].