LAO BAI GAN JIU(SH:600559) Huaxin Securities·2024-11-03 04:55Investment Rating - The report maintains a "Buy" investment rating for the company [1][2] Core Views - The company has shown robust growth with continuous profit release, as evidenced by its Q1-Q3 2024 performance, which includes total revenue of 4.088 billion yuan (up 6.29% year-on-year) and a net profit attributable to shareholders of 555.6 million yuan (up 33.00% year-on-year) [1] - The report highlights the company's focus on product structure upgrades and the successful performance of its Wuling liquor brand, with revenue from products priced above 100 yuan increasing by 15.71% year-on-year [1] - The company is expected to benefit from internal reform dividends, with slight adjustments made to its EPS forecasts for 2024-2026 [2] Summary by Sections Financial Performance - For Q1-Q3 2024, total revenue reached 4.088 billion yuan, with a net profit of 555.6 million yuan, reflecting a year-on-year increase of 33.00% [1] - The gross margin and net margin for Q1-Q3 2024 were 66.21% and 13.61%, respectively, showing slight improvements compared to the previous year [1] - The company’s cash flow from operating activities for Q1-Q3 was 642 million yuan, with a year-on-year increase of 22.54% [1] Revenue Breakdown - Revenue from products priced above 100 yuan was 2.044 billion yuan for Q1-Q3 2024, up 15.71% year-on-year, while revenue from products priced below 100 yuan was 2.020 billion yuan, up 8.35% year-on-year [1] - The company’s revenue from different channels showed stability, with dealer sales increasing by 12.83% year-on-year [1] Profit Forecasts - The report adjusts the company's EPS forecasts for 2024-2026 to 0.89, 1.06, and 1.25 yuan, respectively, with corresponding PE ratios of 24, 20, and 17 times [2] - The projected net profit for 2024 is 815 million yuan, reflecting a growth rate of 22.3% compared to the previous year [4]