老白干酒2024年三季报点评：Q3业绩增25%，河北大本营稳固

Investment Rating - The investment rating for the company is "Buy" and is maintained [4] Core Views - The company reported a total revenue of 4.088 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 6.29%. The net profit attributable to the parent company was 555.6 million yuan, up 33.00% year-on-year [2] - The product structure continues to optimize, with products priced above 100 yuan showing the highest growth rates [2] - The company has seen steady growth in its distribution channels, with revenue from distributors, direct sales, and online channels increasing by 12.83%, 4.02%, and decreasing by 17.54% respectively in the first three quarters of 2024 [2] - The company's main market in Hebei has shown stable growth, with revenue from various regions increasing year-on-year [2][3] Summary by Sections Financial Performance - For Q3 2024, the company achieved total revenue of 1.618 billion yuan, a slight increase of 0.26% year-on-year, with a net profit of 252 million yuan, up 25.17% year-on-year [2] - The gross profit margin for the first three quarters of 2024 was 66.21%, a decrease of 0.54 percentage points year-on-year, while the net profit margin increased by 2.73 percentage points to 13.61% [3] Product and Market Analysis - The revenue from products priced above 100 yuan reached 2.044 billion yuan, growing by 15.71% year-on-year, while products priced below 100 yuan saw revenue of 2.020 billion yuan, increasing by 8.35% [2] - The company’s distribution network in Hebei, Shandong, Anhui, Hunan, and other regions has shown varied growth rates, with Hebei growing by 9.12% year-on-year [2] Profitability Forecast - The forecast for net profit attributable to the parent company for 2024, 2025, and 2026 is 830 million yuan, 996 million yuan, and 1.176 billion yuan respectively, with year-on-year growth rates of 24.62%, 20.04%, and 18.02% [4] - The corresponding price-to-earnings ratios for these years are projected to be 23, 19, and 16 times [4]