YINGJIA DISTILLERY(SH:603198) Changjiang Securities·2024-11-18 02:33Investment Rating - The report maintains a "Buy" rating for the company [7]. Core Views - The company reported a total revenue of 5.513 billion yuan for Q1-Q3 2024, representing a year-on-year increase of 13.81%. The net profit attributable to the parent company was 2.006 billion yuan, up 20.19% year-on-year [5][6]. - In Q3 2024, the company's total revenue was 1.711 billion yuan, showing a year-on-year growth of 2.32%, but a significant slowdown compared to previous quarters. The revenue from mid-to-high-end liquor was 1.296 billion yuan, up 7.12% year-on-year, while the revenue from ordinary liquor decreased by 9.16% to 336 million yuan [5][6]. - The company’s profit growth outpaced revenue growth, benefiting from improved product structure and gross margin. The net profit margin increased by 1.93 percentage points to 36.39%, and the gross margin rose by 3.1 percentage points to 74.28% [6]. Summary by Sections Financial Performance - For Q1-Q3 2024, the company achieved total revenue of 5.513 billion yuan, with a net profit of 2.006 billion yuan and a non-recurring net profit of 1.997 billion yuan [5]. - In Q3 2024, the total revenue was 1.711 billion yuan, with a net profit of 625 million yuan and a non-recurring net profit of 631 million yuan [5]. Product and Market Analysis - The revenue from mid-to-high-end liquor in Q3 was 1.296 billion yuan, while ordinary liquor revenue was 336 million yuan, indicating a decline in the latter [5]. - The company’s revenue from the domestic market was 1.116 billion yuan, up 6.85% year-on-year, while revenue from outside the province decreased by 3.62% to 516 million yuan [5]. Future Outlook - The company is expected to continue benefiting from the growth potential of its mid-to-high-end liquor segment and the enhancement of its brand power in the market [6]. - EPS forecasts for 2024 and 2025 are 3.38 yuan and 3.92 yuan, respectively, corresponding to current P/E ratios of 20 and 17 times [6].