LZLJ(SZ:000568) Tai Ping Yang·2024-10-31 06:38Investment Rating - The report maintains a "Buy" rating for Luzhou Laojiao with a target price of 162.9, compared to the last closing price of 136.81 [2][5]. Core Views - The report indicates that market demand is weak in Q3, leading to a sequential decline in growth, while the Guojiao series shows steady growth [5]. - For the first three quarters of 2024, the company achieved total revenue of 24.3 billion, a year-on-year increase of 10.8%, and a net profit attributable to shareholders of 11.59 billion, up 9.7% year-on-year [5]. - The Q3 performance showed total revenue of 7.4 billion, a slight year-on-year increase of 0.67%, with net profit attributable to shareholders at 3.57 billion, up 2.6% year-on-year [5]. Financial Summary - The total revenue for 2024 is projected to be 33.54 billion, with a growth rate of 10.95%, and net profit is expected to reach 14.45 billion, reflecting a growth rate of 9.12% [6]. - The diluted earnings per share (EPS) for 2024 is estimated at 9.82, with a price-to-earnings (PE) ratio of 13.93 [6]. - The gross margin for Q3 was reported at 88.1%, a decrease of 0.5 percentage points year-on-year, influenced by product mix [5][6].