LAO BAI GAN JIU(SH:600559) Shanxi Securities·2024-11-07 05:50Investment Rating - The report maintains a "Buy-A" rating for the company Lao Baigan Jiu (600559.SH) [1] Core Views - The company has demonstrated effective cost control, leading to continuous profit improvement. For the first three quarters of 2024, the net profit attributable to shareholders reached 556 million yuan, a year-on-year increase of 33.0%, while operating revenue was 4.088 billion yuan, up 6.29% year-on-year [1] - The company is focusing on optimizing its product structure, with products priced above 100 yuan showing significant growth. The revenue from products priced above 100 yuan increased by 15.71% year-on-year [1] - The company is strategically enhancing its market share in mid-to-high-priced products within its local market, which is expected to provide further growth opportunities [1] Financial Performance Summary - For the first three quarters of 2024, the company reported a revenue of 4.088 billion yuan, with a net profit of 556 million yuan, reflecting a 33.0% increase year-on-year [1] - The gross profit margin for Q1-Q3 2024 was 66.21%, with a net profit margin of 13.61%, indicating an improvement in profitability [1] - The company forecasts net profits of 831 million yuan, 967 million yuan, and 1.093 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.91 yuan, 1.06 yuan, and 1.19 yuan [2][1] Financial Data and Valuation - The projected operating revenue for 2024 is 5.699 billion yuan, with a year-on-year growth of 8.4% [2] - The projected net profit for 2024 is 831 million yuan, reflecting a year-on-year increase of 24.8% [2] - The company's P/E ratio is expected to decrease from 30.1 in 2023 to 24.1 in 2024, indicating a more attractive valuation [2]