BAIRUN CORPORATION(SZ:002568)2024-11-04 03:30Investment Rating - The report maintains a "Buy" recommendation for the company [4]. Core Views - The company reported a Q3 2024 revenue of 758 million yuan, a year-on-year decrease of 5.9%, and a net profit attributable to shareholders of 172 million yuan, down 23.9% year-on-year [1]. - The ready-to-drink cocktail business showed resilience with Q3 revenue of 671 million yuan, a decline of 6.6% year-on-year. Despite a general downturn in beer sales, the company's product sales demonstrated relative strength due to brand loyalty, a focus on non-immediate consumption channels, and a strong product structure [1][2]. - The company is actively expanding its marketing efforts, with a Q3 net profit margin of 22.7%, down 5.4 percentage points year-on-year. The gross margin increased by 1.3 percentage points year-on-year, although the growth rate was lower than in the first half of the year [1]. - The company is set to launch its whiskey brand in November, indicating an expansion of its product portfolio [2]. Financial Summary - The company forecasts revenues of 3,263.89 million yuan for 2023, with a projected decline to 3,218.40 million yuan in 2024, followed by growth to 3,621.81 million yuan in 2025 and 4,176.00 million yuan in 2026 [3]. - The net profit attributable to shareholders is expected to decrease from 809.42 million yuan in 2023 to 742.02 million yuan in 2024, before increasing to 900.03 million yuan in 2025 and 1,050.44 million yuan in 2026 [3]. - The earnings per share (EPS) are projected to be 0.77 yuan in 2023, decreasing to 0.71 yuan in 2024, and then increasing to 0.86 yuan in 2025 and 1.00 yuan in 2026 [3].