迎驾贡酒：收入稳定增长，省内基本盘稳固

Investment Rating - The report maintains a "Recommended" rating for Yingjia Gongjiu [1][4] Core Views - The company has achieved stable revenue growth, with a solid domestic market base. In the first three quarters of 2024, the company reported revenue of 5.51 billion yuan, a year-on-year increase of 13.8%, and a net profit attributable to the parent company of 2.01 billion yuan, up 20.2% year-on-year [3][4] - The product structure is continuously upgrading, with the mid-to-high-end liquor segment benefiting from increased sales of the Dongcang series. In Q3 2024, revenue from mid-to-high-end liquor reached 1.30 billion yuan, a year-on-year increase of 7%, while ordinary liquor revenue was 340 million yuan, down 9% [4] - The gross profit margin improved to 75.8% in Q3 2024, up 2.9 percentage points year-on-year, indicating enhanced profitability [4] Summary by Sections Financial Performance - For Q3 2024, the company achieved revenue of 1.71 billion yuan, a year-on-year increase of 2.3%, and a net profit of 620 million yuan, up 2.9% year-on-year [3] - The company’s gross profit margin for Q3 2024 was 75.8%, with a net profit margin of 36.3%, reflecting a slight improvement in profitability [4] Revenue Breakdown - In Q3 2024, revenue from Anhui province was 1.12 billion yuan, up 7% year-on-year, while revenue from other regions was 520 million yuan, down 4% [4] - The sales channels showed growth, with revenue from distribution and direct sales (including group purchases) reaching 1.53 billion yuan and 100 million yuan, respectively, representing increases of 3% and 12% year-on-year [4] Future Outlook - The report adjusts the net profit forecast for 2024-2026 to 2.69 billion, 3.18 billion, and 3.72 billion yuan, respectively, due to macroeconomic pressures [4] - The company continues to focus on the Dongcang series and aims to expand its market presence, indicating potential growth opportunities [4]