GUJING(000596) Tai Ping Yang·2024-11-01 07:16Investment Rating - The report maintains a "Buy" rating for Gujing Gongjiu with a target price of 222.66 CNY, compared to the last closing price of 186.31 CNY [1][2]. Core Views - Gujing Gongjiu's performance in Q1-Q3 2024 met expectations, demonstrating resilience during industry adjustments. The company achieved a revenue of 19.069 billion CNY, a year-on-year increase of 19.5%, and a net profit of 4.746 billion CNY, up 24.5% year-on-year [2][3]. - The company’s gross margin for Q1-Q3 2024 was 79.71%, reflecting a slight increase of 0.67 percentage points year-on-year, while the net profit margin was 25.68%, up 1.2 percentage points year-on-year [2][3]. - The report indicates that product structure continues to improve, with strong growth in specific products like Gu 8 and Gu 16, while Gu 20 faced a slowdown due to weak business demand [2][3]. Financial Summary - For Q3 2024, Gujing Gongjiu reported a revenue of 5.263 billion CNY, a year-on-year increase of 13.4%, and a net profit of 1.173 billion CNY, up 13.6% year-on-year [2][3]. - The company’s earnings per share (EPS) are projected to be 10.68 CNY, 12.37 CNY, and 14.21 CNY for 2024, 2025, and 2026 respectively, with corresponding price-to-earnings (PE) ratios of 17x, 15x, and 13x [2][3]. - The report forecasts revenue growth rates of 19%, 14%, and 12% for 2024, 2025, and 2026, respectively, with net profit growth rates of 23%, 16%, and 15% for the same years [2][3].