LAO BAI GAN JIU(SH:600559) Orient Securities·2024-10-31 13:45Investment Rating - The report maintains a "Buy" rating for the company with a target price of 24.86 CNY per share [3][6]. Core Insights - The company reported a revenue of 4.09 billion CNY for the first three quarters of 2024, representing a year-over-year increase of 6.3%. The net profit attributable to shareholders was 560 million CNY, up 33.0% year-over-year [2]. - The company achieved a stable profit level in Q3 2024, with a gross margin of 66.8%, a decrease in sales expense ratio to 25.5%, and a management expense ratio of 5.9% [2]. - The company’s revenue from products priced above 100 CNY grew by 15.7% year-over-year in the first three quarters of 2024, with notable performance in Shandong and Hunan provinces [2]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 4.09 billion CNY and a net profit of 560 million CNY, with respective year-over-year growth rates of 6.3% and 33.0% [2]. - The gross margin for the first three quarters was 66.2%, with a net profit margin of 13.6% [2]. Revenue Breakdown - In Q3 2024, the company reported a revenue of 1.62 billion CNY, with a net profit of 250 million CNY, reflecting a year-over-year increase of 25.2% [2]. - Revenue from products priced above 100 CNY reached 2.04 billion CNY in the first three quarters, with a growth rate of 15.7% [2]. Profit Forecast - The earnings per share (EPS) forecast for 2024-2026 is adjusted to 0.95 CNY, 1.24 CNY, and 1.53 CNY respectively [3][6]. - The company’s equity value is estimated at 22.74 billion CNY based on the FCFF valuation method [3].