WLY(000858) 长江证券·2024-11-18 02:38Investment Rating - The investment rating for Wuliangye (000858.SZ) is "Buy" and is maintained [5]. Core Insights - The total operating revenue for the first three quarters of 2024 reached 67.916 billion yuan, representing a year-on-year increase of 8.6%. The net profit attributable to the parent company was 24.931 billion yuan, up 9.19% year-on-year [6][7]. - In Q3 2024, the operating revenue was 17.268 billion yuan, with a year-on-year growth of 1.39%, while the net profit attributable to the parent company was 5.874 billion yuan, reflecting a year-on-year increase of 1.34% [6][7]. - The company has committed to maintaining a cash dividend ratio of no less than 70% of the annual net profit attributable to the parent company for the years 2024-2026, with a minimum of 20 billion yuan (including tax) [7][8]. - The company's internal management has improved, and it is actively enhancing market share, with a relatively healthy market order for core products. The current PE-TTM level is at a five-year historical low, indicating high cost-effectiveness [8]. Financial Performance Summary - For the first three quarters of 2024, the total operating revenue was 67.916 billion yuan, with a corresponding increase in contract liabilities, indicating a strong financial position [6][7]. - The gross profit margin in Q3 2024 increased by 2.77 percentage points to 76.17%, while the net profit margin slightly decreased by 0.02 percentage points to 34.02% [7]. - The company reported a cash balance of 125.112 billion yuan as of Q3 2024, demonstrating sufficient capacity for dividend distribution [7][8]. - The projected EPS for 2024 and 2025 is 8.56 yuan and 9.07 yuan, respectively, corresponding to a PE ratio of 18 and 17 times at the current stock price [8].