SCSF(SH:600779) Huaxin Securities·2025-01-26 00:39Investment Rating - The report maintains a "Buy" investment rating for the company [5][7]. Core Views - The company's performance is in line with expectations, showing steady growth in revenue and profit. For 2024, total revenue is projected to be 5.217 billion yuan, a year-on-year increase of 5.32%, while net profit attributable to shareholders is expected to reach 1.341 billion yuan, up 5.67% year-on-year [5]. - The sales performance of the company's flagship product, "Zhen Niang Ba Hao," remains strong, with good sales momentum expected to continue into 2025. The product is positioned in the 300 yuan price range, allowing it to compete effectively in the mid-to-high-end market [6]. - The company is focusing on enhancing its high-end brand image and consumer education for new products, aiming to establish itself as a leading brand in the strong aroma liquor segment [7]. Summary by Sections Financial Performance - The company anticipates total revenue of 5.217 billion yuan for 2024, reflecting a growth rate of 5.3%. The net profit is projected at 1.341 billion yuan, with a growth rate of 5.7% [11]. - For Q4 2024, total revenue is expected to be 1.429 billion yuan, a year-on-year increase of 4.68%, while net profit is projected to decline by 12.40% to 216 million yuan due to increased marketing expenses and amortization costs from new projects [5]. Product Performance - The sales of "Zhen Niang Ba Hao" are performing well, benefiting from promotional strategies during the peak sales season around the Spring Festival. The product is expected to maintain a good growth trend in 2025 [6]. - The company has introduced a classic replica of its "Jingtai" product to enhance brand image, while higher-end products are currently facing market pressure [6]. Earnings Forecast - The earnings per share (EPS) estimates for 2024-2026 have been adjusted to 2.75, 2.87, and 3.03 yuan respectively, with corresponding price-to-earnings (PE) ratios of 17, 16, and 15 times [7].