YLT(SH:600197) Soochow Securities·2024-10-30 23:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a total revenue of 1.654 billion yuan for the first three quarters of 2024, a year-on-year increase of 0.64%, with a net profit attributable to the parent company of 241 million yuan, up 5.27% year-on-year. However, Q3 revenue was 324 million yuan, down 23.32% year-on-year, and net profit was 43 million yuan, down 17.75% year-on-year, primarily due to price maintenance and inventory control by the company [2][3] Summary by Sections Revenue and Profitability - For Q3 2024, the company's white liquor revenue was 320 million yuan, a year-on-year decline of 22.2%. High-end liquor revenue was 250 million yuan, down 11.8% year-on-year, with the flagship product, Yili Wang, contributing 130 million yuan, a 42% increase year-on-year. However, excluding Yili Wang, high-end liquor revenue fell by 36.4% due to inventory control measures [3] - The company's gross margin improved significantly, with Q3 gross margin rising by 9.2 percentage points to 59.85%, driven by the increased contribution from Yili Wang, which accounted for 39.3% of total liquor revenue, up 17.7 percentage points year-on-year [4] Financial Forecasts - The company adjusted its net profit forecasts for 2024-2026 to 340 million, 400 million, and 470 million yuan, respectively, reflecting a year-on-year growth of 0.4%, 16%, and 18%. The corresponding P/E ratios are projected to be 24, 20, and 17 times [5]