SCSF(600779) Orient Securities·2024-11-03 03:12Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 57.80 yuan based on a 20x PE valuation for 2024 [2][4][7]. Core Insights - The company reported a revenue of 3.788 billion yuan for the first three quarters of 2024, representing a year-over-year increase of 5.6%, and a net profit attributable to the parent company of 1.125 billion yuan, up 10% year-over-year [1]. - The product performance shows strong growth in the mid-range liquor segment, with a 41% increase in revenue, while high-end liquor revenue growth has slowed to 1.4% [1]. - The company has effectively controlled sales expenses, resulting in a gross margin of 82.94% for the first three quarters of 2024, with a net profit margin of 29.7% [1]. Financial Performance Summary - For 2024, the company forecasts earnings per share (EPS) of 2.89 yuan, 3.32 yuan for 2025, and 3.75 yuan for 2026, with adjustments made to revenue and gross margin estimates [2][7]. - The company’s revenue is projected to grow from 5.345 billion yuan in 2024 to 6.776 billion yuan in 2026, with corresponding net profits increasing from 1.412 billion yuan to 1.831 billion yuan [3][10]. - The gross margin is expected to stabilize around 83% over the next few years, with net profit margins gradually increasing [3][10].