YINGJIA DISTILLERY(603198) Guohai Securities·2024-10-31 13:45Investment Rating - The report maintains a "Buy" rating for the company [2][8] Core Views - The company's revenue for the first three quarters of 2024 reached 5.513 billion yuan, a year-on-year increase of 13.81%, while the net profit attributable to shareholders was 2.006 billion yuan, up 20.19% year-on-year [2] - In Q3 2024, the company reported revenue of 1.711 billion yuan, a year-on-year increase of 2.32%, and a net profit of 625 million yuan, up 2.86% year-on-year [2][3] - The company is experiencing a slowdown in growth rates, particularly in Q3, but continues to see strong performance in its premium product lines, especially the "Dongcang" series [3] Summary by Sections Revenue and Profitability - For Q3 2024, the company achieved revenue of 1.711 billion yuan, with a year-on-year growth of 2.32%, and a net profit of 625 million yuan, reflecting a year-on-year increase of 2.86% [2][3] - The gross profit margin improved to 75.84%, an increase of 2.88 percentage points year-on-year, attributed to product mix upgrades and cost optimization [4] Product and Regional Performance - In Q3 2024, the revenue from mid-to-high-end liquor was 1.296 billion yuan, up 7.12% year-on-year, while ordinary liquor revenue was 336 million yuan, down 9.16% year-on-year [3] - Revenue from Anhui province reached 1.116 billion yuan, a year-on-year increase of 6.85%, while revenue from outside the province was 516 million yuan, down 3.62% year-on-year [3] Future Outlook - The company is expected to continue benefiting from its product positioning in the 100 yuan price range, with the "Dongcang" series likely to sustain growth [6] - Revenue forecasts for 2024-2026 are projected at 7.552 billion yuan, 8.449 billion yuan, and 9.397 billion yuan respectively, with net profits of 2.591 billion yuan, 2.930 billion yuan, and 3.285 billion yuan [6][7]