LAO BAI GAN JIU(SH:600559) Changjiang Securities·2024-11-18 02:33Investment Rating - The report maintains a "Buy" rating for the company [7][8]. Core Views - The company's white liquor business shows steady growth, with a notable increase in profit margins. For the first three quarters of 2024, total revenue reached 4.088 billion yuan, a year-on-year increase of 6.29%, while net profit attributable to shareholders was 555.6 million yuan, up 33% year-on-year [5][6]. - The product structure continues to improve, with revenue from products priced above 100 yuan reaching 2.044 billion yuan in the first three quarters, a 15.71% increase year-on-year. The company expects stable performance in its Hebei base and rapid growth in the Shandong market [5][6][7]. Financial Performance Summary - For the first three quarters of 2024, the company's net profit margin increased by 2.73 percentage points to 13.61%, while the gross profit margin decreased by 0.54 percentage points to 66.21%. The expense ratio also improved, decreasing by 3.32 percentage points to 33.15% [6]. - The company forecasts earnings per share (EPS) of 0.94 yuan for 2024 and 1.11 yuan for 2025, corresponding to price-to-earnings (PE) ratios of 24 and 20 times, respectively [7][8].