SCSF(600779) 中原证券·2024-12-11 11:06Investment Rating - The investment rating for the company is "Cautious Accumulate" [3][14]. Core Views - The growth of high-end liquor is slowing down, but overall profitability is improving. In Q3 2024, the company achieved revenue of 2.07 billion yuan, a year-on-year increase of 0.38%, with the growth rate narrowing compared to the same period last year [3][5]. - The company's sales expenses have decreased, leading to enhanced profitability. In the first three quarters of 2024, the company realized a net profit of 1.11 billion yuan, a year-on-year increase of 11.15%, with a net profit margin improvement of 1.21 percentage points [3][5]. - The report indicates that the economic headwinds will likely lead liquor companies to continue reducing sales and market investments to achieve relatively superior shareholder returns [3][5]. Financial Summary - Revenue for 2024 is projected to be 5.35 billion yuan, with a growth rate of 8.00% [6]. - Net profit for 2024 is estimated at 1.37 billion yuan, reflecting a growth rate of 7.78% [6]. - Earnings per share (EPS) for 2024 is expected to be 2.81 yuan, with corresponding price-to-earnings (P/E) ratios of 20.97 [6][9]. - The company's gross margin is projected to be 82.86% in 2024, slightly declining from previous years [9][10]. - The total assets are expected to reach 9.52 billion yuan by 2024, with a debt-to-asset ratio of 44.63% [10].