WLY(SZ:000858) Huaxin Securities·2024-10-31 01:12Investment Rating - The report maintains a "Buy" investment rating for Wuliangye [1][2] Core Views - The company's performance is in line with expectations, with a robust dividend plan boosting market confidence [1] - For the first three quarters of 2024, total revenue reached 67.916 billion yuan, representing an 8.60% year-on-year increase, while net profit attributable to shareholders was 24.931 billion yuan, up 9.19% year-on-year [1] - The report highlights strong cash flow performance, with net cash flow for Q1-Q3 2024 reaching 29.794 billion yuan, a year-on-year increase of 33.08% [1] Summary by Sections Financial Performance - Total revenue for Q1-Q3 2024 was 67.916 billion yuan, with a net profit of 24.931 billion yuan, both showing positive year-on-year growth [1] - The gross margin and net margin for Q1-Q3 2024 were 77.06% and 38.20%, respectively, with slight improvements compared to the previous year [1] - The company reported a strong cash flow with net cash flow of 29.794 billion yuan for Q1-Q3 2024, reflecting a significant increase [1] Dividend Policy - The company announced a dividend plan for 2024-2026, committing to distribute at least 70% of the annual net profit as cash dividends, with a minimum of 20 billion yuan each year [1] Earnings Forecast - The report slightly adjusts the EPS forecast for 2024-2026 to 8.49, 8.99, and 9.98 yuan, respectively, indicating a positive outlook for the company's earnings [1][4]