Investment Rating - The report maintains a "Buy" rating for the company [7][9]. Core Views - The company reported a revenue of 7.83 billion yuan for the first three quarters of 2024, a year-on-year decline of 5.1%, and a net profit attributable to shareholders of 170 million yuan, down 27.4% year-on-year. In the third quarter alone, revenue was 1.89 billion yuan, a decline of 20.8% year-on-year, with a net profit of 12.67 million yuan, down 84.2% year-on-year [4][5]. Summary by Sections Financial Performance - The company experienced a decline in revenue and profit due to weak demand in the liquor industry. The third quarter's gross margin was 8.5%, down 1.9 percentage points year-on-year, primarily due to adjustments in the pricing system affecting profit margins. The gross profit for the third quarter was 160 million yuan, a decrease of 35.5% year-on-year [6]. Strategic Initiatives - Despite the challenging environment, the company is focused on channel upgrades and product optimization. New store formats (3.0) were launched in several provinces, and strategic partnerships were formed to enhance product offerings. The company aims to strengthen its brand influence and competitive advantage during this period of demand disruption [5][6]. Future Outlook - The company is expected to see earnings per share (EPS) of 0.43 yuan, 0.55 yuan, and 0.64 yuan for 2024, 2025, and 2026 respectively. The long-term outlook remains positive, with potential for market share growth as a leading player in the liquor distribution sector [7].
华致酒行2024年三季报点评：行业需求扰动，利润阶段承压