五粮液：控速健康发展，加大股东回馈

Investment Rating - The report maintains a "Recommended" rating for Wuliangye [2][5] Core Views - The company achieved a revenue of 67.9 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 8.6%, with a net profit attributable to shareholders of 24.9 billion yuan, up 9.2% year-on-year [4] - In the third quarter of 2024, the company reported a revenue of 17.3 billion yuan, a year-on-year increase of 1.4%, and a net profit of 5.9 billion yuan, reflecting a year-on-year growth of 1.3% [4] - The company is actively controlling the pace of shipments to maintain channel health amid a challenging consumption environment, leading to a decrease in contract liabilities in the third quarter [5] - The gross profit margin for the third quarter was 76.2%, an increase of 2.8 percentage points year-on-year, primarily due to structural optimization [5] - The company plans to increase shareholder returns, committing to a cash dividend of no less than 70% of the annual net profit for 2024-2026, with a minimum of 20 billion yuan each year [5] Financial Summary - For the fiscal year 2024, the company is projected to achieve a revenue of 89.7 billion yuan, with a net profit of 32.7 billion yuan, reflecting a year-on-year growth of 8.2% [6] - The gross margin is expected to remain stable at 75.8% for the next few years, with a net profit margin gradually increasing to 36.8% by 2026 [10] - The company's return on equity (ROE) is projected to decline from 23.3% in 2023 to 20.8% by 2026 [10] - The earnings per share (EPS) is expected to grow from 7.78 yuan in 2023 to 9.46 yuan in 2026 [10]