老白干酒：经营节奏稳健，利润持续释放

Investment Rating - The report maintains a "Recommended" rating for the company [1][5] Core Views - The company has shown steady operational rhythm and continuous profit release, with a focus on channel reform and inventory reduction [5] - The revenue for the first three quarters of 2024 reached 4.09 billion yuan, a year-on-year increase of 6.3%, while the net profit attributable to the parent company was 560 million yuan, up 33.0% year-on-year [3] - The company is expected to achieve stable revenue growth due to solid base markets and improved direct sales efficiency of Wuling liquor, alongside optimized expense ratios leading to sustained profit growth [5] Summary by Sections Financial Performance - In Q3 2024, the company achieved revenue of 1.62 billion yuan, a year-on-year increase of 0.3%, and a net profit of 250 million yuan, up 25.2% year-on-year [3] - The gross margin for Q3 2024 was 66.8%, an increase of 0.6 percentage points year-on-year, with a net profit margin of 15.6%, up 3.1 percentage points year-on-year [4] Revenue Breakdown - In Q3 2024, revenue from white liquor and other businesses was 161 million yuan and 0.06 million yuan, respectively, with year-on-year changes of +5.9% and -93.5% [4] - Revenue from products priced above and below 100 yuan was 790 million yuan and 820 million yuan, with year-on-year increases of 10% and 2% respectively [4] Future Projections - The profit forecasts for 2024-2026 have been adjusted to 870 million yuan, 1.05 billion yuan, and 1.24 billion yuan, respectively [5] - The company is expected to maintain a stable growth trajectory, supported by its market position and operational efficiency improvements [5]