Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - The company is a leading distributor in the domestic liquor circulation sector, with stable upstream partnerships and strong channel, brand, and operational capabilities. It is gradually expanding its premium liquor business. The report expresses optimism about the scarcity of high-end leaders and the growth potential in the sub-high-end segment as the liquor market continues to consolidate [1][2]. - The company reported a revenue of 7.832 billion yuan for the first three quarters of 2024, a year-on-year decrease of 5.10%, and a net profit attributable to shareholders of 168 million yuan, down 27.36% year-on-year. In Q3 2024 alone, revenue was 1.889 billion yuan, a decline of 20.84%, with a net profit of 13 million yuan, down 84.17% year-on-year [1][2]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 7.832 billion yuan, down 5.10% year-on-year, and a net profit of 168 million yuan, down 27.36% year-on-year. The Q3 2024 revenue was 1.889 billion yuan, a decrease of 20.84%, with a net profit of 13 million yuan, down 84.17% year-on-year [1][2]. - The gross profit margin in Q3 2024 was 8.50%, a decrease of 1.93 percentage points year-on-year, attributed to pressure on the liquor price system [1]. - The company’s operating expenses showed slight optimization, with total expense ratio decreasing by 0.38 percentage points year-on-year to 8.20% in Q3 2024 [1]. Business Development - The company is expanding its 3.0 store layout, with new high-end stores opening in provinces such as Hubei, Shaanxi, Shanxi, and Guangdong. This is part of a strategy to upgrade and iterate high-end stores [1]. - The company has launched new products in collaboration with renowned liquor manufacturers, including a strategic partnership with Yangshao Liquor Industry to introduce the Yangshao Color Pot Series [1]. Future Projections - The report forecasts the company’s revenue for 2024, 2025, and 2026 to be 9.590 billion yuan, 10.224 billion yuan, and 11.951 billion yuan, respectively. The net profit for the same years is projected to be 177 million yuan, 273 million yuan, and 368 million yuan, respectively [2][3]. - The report indicates that the current price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are 43.3, 28.1, and 20.8 times, respectively [2].
华致酒行：持续控制费用，业绩有所承压