YLT(SH:600197) Huaxin Securities·2024-11-03 15:30Investment Rating - The report maintains a "Buy" investment rating for the company [1][2]. Core Views - The company is experiencing short-term pressure in its domestic market, while showing strong growth in external markets. The overall revenue for Q1-Q3 2024 was 1.654 billion yuan, with a year-on-year increase of 0.64%. The net profit attributable to shareholders was 241 million yuan, reflecting a year-on-year increase of 5.27% [1]. - The new management team is expected to implement comprehensive internal reforms, which may enhance the company's internal momentum. The EPS forecasts for 2024-2026 have been adjusted to 0.74, 0.82, and 0.93 yuan respectively, with corresponding PE ratios of 22, 20, and 18 times [2]. Summary by Sections Performance Overview - The company's total revenue for Q3 2024 was 324 million yuan, a decrease of 23.32% year-on-year. The gross margin and net margin for Q1-Q3 2024 were 52.35% and 14.76%, respectively, showing year-on-year increases of 3.84 and 0.47 percentage points [1]. - The company reported a decrease in operating cash flow, with net cash flow from operating activities for Q1-Q3 2024 being 24 million yuan, down 88.50% year-on-year [1]. Product and Market Analysis - Revenue from high-end, mid-range, and low-end liquor for Q1-Q3 2024 was 1.119 billion, 399 million, and 116 million yuan, respectively, with year-on-year growth of 2.18%, 2.74%, and a decline of 3.53% [1]. - The company has seen a significant increase in direct sales, with a year-on-year growth of 52.42% in Q1-Q3 2024, while wholesale and agency sales have decreased by 6.11% [1]. Regional Performance - Revenue from domestic and external markets for Q1-Q3 2024 was 1.227 billion and 408 million yuan, respectively, with year-on-year changes of -5.54% and +33.48% [1]. - The company has increased its number of distributors to 276, up by 101 from the end of 2023, indicating a positive trend in market expansion [1].