JINHUI(603919)2024-10-28 10:13Investment Rating - The investment rating for the company is "Outperform" (maintained) [5] Core Insights - The company reported Q3 2024 revenue of 2.328 billion, a year-on-year increase of 15.31%, and a net profit of 333 million, up 22.17%. Q3 2024 revenue reached 574 million, growing 15.77%, while net profit was 38 million, a significant increase of 108.84% [5][4] - The report indicates an upward revision of profit forecasts for 2024-2026, with projected net profits of 400 million, 443 million, and 480 million respectively, reflecting year-on-year growth rates of 22%, 11%, and 8% [5][7] - The company is expected to benefit from marketing transformation and product upgrades, with growth driven by government and business group purchases, as well as banquet channels [5] Financial Performance Summary - Q3 2024 white liquor revenue was 546 million, a 13% increase year-on-year. Revenue from white liquor priced above 300 yuan was 160 million, up 42.1%, while revenue from 100-300 yuan white liquor was 309 million, increasing by 14.9%. Revenue from white liquor below 100 yuan decreased by 24.3% to 77 million [5] - The company's net profit margin for Q3 2024 was 6.37%, an increase of 2.91 percentage points year-on-year, primarily due to a decrease in sales expense ratio [6] - Cash received from sales and services in Q3 2024 was 610 million, a 12.73% increase, aligning closely with the revenue growth [6] Market Position and Outlook - The company’s market share in its home province is expected to increase, with continued expansion into external markets [5] - Key catalysts for stock performance include better-than-expected economic development in Gansu, strong growth in core products, and net profit exceeding expectations [6]