YINGJIA DISTILLERY(603198) EBSCN·2024-10-31 00:09Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - The company experienced a significant slowdown in revenue growth in Q3, with a year-on-year increase of 1.58% in total revenue, which was below expectations [4]. - The company is focusing on channel health rather than merely meeting sales targets, indicating a strategic shift in operations [2][4]. - The increase in the proportion of high-end products, particularly the洞藏 series, is expected to continue driving product structure upgrades [2][3]. Summary by Sections Revenue Performance - In Q3 2024, the sales revenue for mid-to-high-end and ordinary liquor was 1.296 billion and 336 million yuan, respectively, showing a year-on-year increase of 7.12% and a decrease of 9.16% [1]. - The total revenue for the first three quarters of 2024 reached 5.513 billion yuan, a year-on-year growth of 13.81% [4]. Profitability - The gross profit margin in Q3 2024 was 75.84%, an increase of 2.9 percentage points year-on-year and 4.7 percentage points quarter-on-quarter [2]. - The net profit margin for Q3 2024 was 36.31%, reflecting a year-on-year increase of 0.72 percentage points, primarily driven by the improvement in gross margin [2]. Forecast and Valuation - The net profit forecasts for 2024, 2025, and 2026 have been adjusted to 2.75 billion, 3.17 billion, and 3.64 billion yuan, respectively, representing downward revisions of 4.0%, 9.2%, and 13.4% from previous estimates [3]. - The current stock price corresponds to a P/E ratio of 18, 15, and 13 for the years 2024, 2025, and 2026, respectively [3].