YINGJIA DISTILLERY(603198) Guolian Securities·2024-10-30 10:14Investment Rating - The investment rating for the company is "Buy" and is maintained [4][6]. Core Views - The company reported Q3 2024 revenue of 1.711 billion yuan, a year-on-year increase of 2.32%, and a net profit attributable to shareholders of 625 million yuan, up 2.86% year-on-year, which was below previous expectations [2][6]. - The gross margin for Q3 2024 was 75.84%, an increase of 4.20 percentage points year-on-year, attributed to a decline in ordinary liquor revenue and an increase in the proportion of mid-to-high-end liquor [2][6]. - The net profit margin reached a new high of 36.51%, up 0.19 percentage points year-on-year [2][6]. - The company is expected to maintain steady growth, with projected revenues of 7.49 billion, 8.25 billion, and 8.91 billion yuan for 2024, 2025, and 2026 respectively, representing year-on-year growth rates of 11.46%, 10.17%, and 8.05% [6][7]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a total revenue of 5.513 billion yuan, a year-on-year increase of 13.81%, and a net profit of 2.006 billion yuan, up 20.19% year-on-year [6][7]. - Q3 2024 sales cash collection was 1.865 billion yuan, a decrease of 0.45% year-on-year, indicating slower cash collection growth compared to revenue [6][7]. Product Performance - In Q3 2024, mid-to-high-end liquor revenue was 1.296 billion yuan, up 7.12% year-on-year, while ordinary liquor revenue was 336 million yuan, down 9.16% year-on-year [6][7]. - The company expects continued growth in mid-to-high-end liquor, driven by products洞 6 and 洞 9, benefiting from the expansion of the 100-300 yuan price range in Anhui Province [6][7]. Market Position - The company is strategically positioned to reduce channel pressure and build momentum for future growth, maintaining a "Buy" rating based on its solid channel management and product performance [2][6].