百润股份：费用投放微增，威士忌新品在途

Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Views - The company reported a revenue of 2.39 billion yuan for the first three quarters of 2024, a year-on-year decrease of 2.9%, and a net profit attributable to shareholders of 570 million yuan, down 13.7% year-on-year [1]. - The pre-mixed beverage segment is under pressure due to high base effects, weak consumer spending, and intense competition at the retail level, while the flavoring and other segments showed stable performance [1][2]. - The gross margin improved by 1.3 percentage points year-on-year to 70.2% in Q3 2024, attributed to product mix improvements [2]. - The company is expected to increase channel and terminal investments in Q4 2024, which may help improve sales of pre-mixed beverages due to a significantly lower base and the upcoming Spring Festival stocking season [2]. Financial Summary - For Q3 2024, the company achieved a revenue of 760 million yuan, a decrease of 6.0% year-on-year, and a net profit of 170 million yuan, down 24.0% year-on-year [1]. - The company’s net profit margin for Q3 2024 decreased by 5.4 percentage points to 22.7%, while the net profit margin for the first three quarters decreased by 3.1 percentage points to 23.9% [2]. - The forecast for net profit attributable to shareholders for 2024-2026 is adjusted to 740 million, 860 million, and 960 million yuan, respectively, reflecting a year-on-year decrease of 8.6% in 2024, followed by increases of 15.6% and 12.6% in the subsequent years [3][4].