Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative return of over 20% within the next six months [5][12]. Core Views - The company experienced a decline in revenue and net profit in Q3 2024, with revenue of 1.89 billion yuan, a year-on-year decrease of 20.84%, and a net profit of 0.13 billion yuan, down 84.17% year-on-year [1][2]. - The overall demand for liquor was weak in Q3, leading to pressure on revenue despite the peak consumption period during the Mid-Autumn Festival and National Day [1]. - The company has adjusted its profit forecasts for 2024-2026, now expecting revenues of 9.29 billion yuan, 9.76 billion yuan, and 10.69 billion yuan respectively, with net profits of 0.18 billion yuan, 0.22 billion yuan, and 0.25 billion yuan [3][4]. Financial Summary - For Q3 2024, the company reported a gross margin of 8.50%, a decrease of 1.93 percentage points year-on-year, and a net profit margin of 0.67%, down 2.68 percentage points year-on-year [2]. - The company’s total revenue for the first three quarters of 2024 was 7.83 billion yuan, with a year-on-year decline of 5.10% [1]. - The company’s total assets are projected to be 7.87 billion yuan in 2024, with a debt ratio of 48.57% [8]. Management Changes - The company appointed Yang Wuyong as the new general manager, who has extensive experience in the industry, which is expected to help stabilize the company during this adjustment period [2].
华致酒行：Q3业绩阶段性承压，期待白酒消费回暖