百润股份：2024前三季度业绩点评：主业阶段性承压，威士忌蓄势待发

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's revenue and net profit for the first three quarters of 2024 were 239 million and 57 million yuan, respectively, showing a year-on-year decline of 2.9% and 13.7% [2] - The sales of pre-mixed drinks are under pressure, but the product structure remains relatively stable [2] - The company is expected to continue developing its product matrix and is preparing for the launch of its whiskey products in 2025 [3][4] Revenue and Profit Forecast - The forecast for total revenue from 2024 to 2026 is adjusted to 32.7 billion, 37.4 billion, and 41.6 billion yuan, with year-on-year growth rates of 0.2%, 14%, and 11% respectively [4] - The forecast for net profit attributable to the parent company for the same period is adjusted to 7.9 billion, 9.1 billion, and 10.5 billion yuan, with year-on-year growth rates of -3%, 16%, and 15% respectively [4] Financial Metrics - The latest diluted EPS for 2024 is projected to be 0.75 yuan, with corresponding P/E ratios of 29, 25, and 22 for 2024, 2025, and 2026 respectively [4][11] - The gross profit margin for 2024 is expected to be around 70.19%, while the net profit margin is projected to be approximately 24.08% [11]