YLT(SH:600197)2024-10-31 08:12Investment Rating - The investment rating for the company is maintained at "Outperform" [5]. Core Insights - The company reported a total revenue of 1.654 billion in the first three quarters of 2024, a year-on-year increase of 0.64%, while the net profit attributable to the parent company was 241 million, up 5.27% year-on-year. However, the revenue for Q3 2024 was 324 million, a decline of 23.32% year-on-year, and the net profit for Q3 was 43 million, down 17.75% year-on-year, indicating that the revenue performance was below expectations [5][6]. - Due to weak demand for liquor, the profit forecast for 2024-2026 has been revised downwards, with expected net profits of 340 million, 357 million, and 392 million respectively, reflecting year-on-year growth of 0%, 5%, and 10% [5][6]. - The company's liquor revenue in Q3 2024 was 321 million, a decrease of 22.2% year-on-year, with high-end liquor revenue at 250 million (down 11.8%), mid-range liquor at 57 million (up 35.1%), and low-end liquor at 14 million (down 66.1%) [5][6]. Financial Summary - For the first three quarters of 2024, the company achieved total revenue of 1.654 billion, with a year-on-year growth rate of 0.6%. The net profit attributable to the parent company was 241 million, with a year-on-year growth rate of 5.3% [7]. - The projected total revenue for 2024 is 2.235 billion, with a slight year-on-year growth of 0.2%. The net profit is expected to remain at 340 million, reflecting a minimal growth of 0.1% [7]. - The gross profit margin for Q3 2024 was 59.85%, an increase of 9.22 percentage points year-on-year, while the net profit margin was 13.24%, up 0.2 percentage points year-on-year [6][7].