YINGJIA DISTILLERY(603198) Guolian Securities·2024-10-30 10:05Investment Rating - The report maintains a "Buy" rating for the company [4][6][10] Core Insights - 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 [6] - The net profit margin reached a new high of 36.51%, up 0.19 percentage points year-on-year [6] - The company is expected to benefit from the expansion of the 100-300 yuan price range in Anhui province, which will help alleviate channel pressures and support future growth [2][6] Financial Performance Summary - For the first three quarters of 2024, the company achieved 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] - Q3 2024 sales receipts were 1.865 billion yuan, a decrease of 0.45% year-on-year, indicating slower growth compared to revenue [6] - The company expects revenue for 2024-2026 to be 7.490 billion, 8.252 billion, and 8.916 billion yuan, respectively, with year-on-year growth rates of 11.46%, 10.17%, and 8.05% [6][7]