老白干酒：产品结构继续提升，利润持续兑现

Investment Rating - The report assigns an "Add" rating to the company with a target price of 23.10, compared to the last closing price of 20.39 [1][2]. Core Views - The company has shown a continuous improvement in product structure, leading to sustained profit realization. The revenue for the first three quarters of 2024 reached 4.088 billion, a year-on-year increase of 6.3%, while the net profit attributable to shareholders was 556 million, up 33.0% year-on-year [2][3]. - The third quarter of 2024 saw total revenue of 1.618 billion, a slight increase of 0.3% year-on-year, with liquor revenue specifically at 1.61 billion, reflecting a 5.9% year-on-year growth [2][3]. - The company has optimized its product structure, with products priced above 100 yuan generating 791 million in revenue, a 10.0% increase year-on-year, while those below 100 yuan generated 821 million, a 2.3% increase [2][3]. Summary by Sections Financial Performance - For the first three quarters of 2024, the gross margin was 66.2%, a decrease of 0.6 percentage points year-on-year, while the gross margin for Q3 2024 was 66.8%, an increase of 0.6 percentage points year-on-year [2][3]. - The net profit margin for Q1-Q3 2024 reached 13.6%, an increase of 2.7 percentage points year-on-year, with Q3 2024 net profit margin at 15.6%, up 3.1 percentage points year-on-year [2][3]. Revenue and Profit Forecast - The report forecasts revenue growth rates of 6%, 9%, and 8% for 2024, 2025, and 2026 respectively, with net profit growth rates of 26%, 14%, and 13% for the same years [2][3]. - The expected earnings per share (EPS) for 2024, 2025, and 2026 are 0.92, 1.05, and 1.18 yuan respectively, with corresponding price-to-earnings (PE) ratios of 22x, 20x, and 17x [2][3].