泸州老窖：第三季度主动调整经营节奏，盈利能力保持稳健

Investment Rating - The investment rating for the company is "Outperform the Market" [3][7][9] Core Views - In Q3 2024, the company reported a revenue increase of 0.7% year-on-year and a net profit increase of 2.6%. For the first three quarters of 2024, total revenue reached 24.304 billion yuan, up 10.8% year-on-year, and net profit attributable to shareholders was 11.593 billion yuan, up 9.7% year-on-year [5][6] - The company has actively adjusted its operational pace in response to weakening industry demand, focusing on promoting terminal sales to alleviate pressure on distributors. The performance in key regions like Sichuan and North China remains stable [5][6] - The company has experienced a slight increase in net profit margin by 0.9 percentage points year-on-year in Q3 2024, despite a decrease in gross margin due to increased promotional activities [6][7] Financial Performance Summary - For 2024, the company expects revenues of 31.805 billion yuan, 33.491 billion yuan, and 36.898 billion yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 5.2%, 5.3%, and 10.2% [7][8] - The projected net profit for the same years is 13.883 billion yuan, 14.817 billion yuan, and 16.619 billion yuan, with year-on-year growth rates of 4.8%, 6.7%, and 12.2% [7][8] - The current stock price corresponds to a P/E ratio of 14.5x for 2024 and 13.6x for 2025 [7][9]