山西汾酒：Q3稳健，腰部产品支撑加强

Investment Rating - The investment rating for the company is "Trading Buy" with a target price of 221 RMB [2]. Core Insights - The company has shown steady performance in Q3, with strong support from mid-range products. Revenue for the first three quarters of 2024 reached 31.36 billion RMB, a year-on-year increase of 17.3%, while net profit attributable to the parent company was 11.35 billion RMB, up 20.3% [2][4]. - The report indicates that the revenue growth rate for mid-range and high-end products has rebounded compared to Q2, with Q3 revenue reaching 6.19 billion RMB, a year-on-year increase of 6.7% [2][4]. - The company is expected to achieve net profits of 12.67 billion RMB, 14.55 billion RMB, and 16.67 billion RMB for the years 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 21.4%, 14.9%, and 14.6% [2][4]. Summary by Sections Company Overview - The company operates in the food and beverage industry, specifically focusing on liquor production [2]. Financial Performance - For Q3, the company achieved a revenue of 8.61 billion RMB, a year-on-year increase of 11.4%. The gross profit margin decreased by 0.7 percentage points to 74.3% due to changes in product structure [2][4]. - The operating cash flow for the first three quarters was 11.43 billion RMB, a year-on-year increase of 67% [2][4]. Future Projections - The company is projected to maintain strong support from mid-range products and glass wine, with expectations for revenue growth in Q4 due to a low comparative base [2][4]. - The earnings per share (EPS) for the upcoming years are forecasted to be 10.38 RMB, 11.93 RMB, and 13.67 RMB for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 19, 17, and 15 [2][4].