YLT(SH:600197) Minsheng Securities·2024-10-30 03:30Investment Rating - The report maintains a "Recommended" rating for the company [5] Core Views - The company reported a revenue of 1.65 billion yuan for the first three quarters of 2024, a year-on-year increase of 0.6%, and a net profit attributable to shareholders of 240 million yuan, up 5.3% year-on-year [3] - The company is facing short-term pressure in the domestic market due to weak white liquor consumption, but it is expected to benefit from marketing reforms and an optimized product structure in the medium to long term [3] Financial Performance Summary - For Q3 2024, the company achieved a revenue of 320 million yuan, a decrease of 23.3% year-on-year, and a net profit of 40 million yuan, down 17.8% year-on-year [3] - The high-end liquor segment generated 1.12 billion yuan in revenue for the first three quarters, a 2.2% increase year-on-year, while the mid-range liquor segment saw a 2.7% increase to 400 million yuan [3] - The gross margin for the first three quarters of 2024 was 52.4%, an increase of 3.8 percentage points year-on-year, while the net margin was 14.6%, up 0.6 percentage points [3] - The company expects revenues of 2.32 billion yuan, 2.56 billion yuan, and 2.89 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 360 million yuan, 400 million yuan, and 450 million yuan for the same years [4][6]