Workflow
舍得酒业(600702):2025中报点评:筑底企稳,盈利修复

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company is in a phase of bottoming out and stabilizing, with profit recovery expected [1] - The report highlights that the industry demand is at a bottoming stage, and the recovery of mid-to-high-end demand still faces significant challenges [8] - The company is leveraging its operational advantages and adopting a more proactive approach to explore sales growth through innovation [8] Financial Performance Summary - For 2023, total revenue is projected at 7,087 million yuan, with a year-on-year growth of 17.04% - In 2024, total revenue is expected to decline to 5,357 million yuan, a decrease of 24.41% - The forecast for 2025 estimates total revenue at 4,784 million yuan, down 10.70% year-on-year, with a gradual recovery expected in subsequent years [1] - The net profit attributable to the parent company is forecasted to be 1,769.39 million yuan in 2023, with a significant drop to 345.77 million yuan in 2024, followed by a recovery to 637.37 million yuan in 2025 [1] - The earnings per share (EPS) is projected to be 5.31 yuan in 2023, dropping to 1.04 yuan in 2024, and recovering to 1.91 yuan in 2025 [1] Revenue and Profit Breakdown - In the first half of 2025, the company achieved revenue of 2.7 billion yuan, a year-on-year decline of 17.4%, with a net profit of 440 million yuan, down 25.0% [8] - The second quarter of 2025 saw revenue of 1.13 billion yuan, a decrease of 3.4% year-on-year, but net profit increased by 139.5% to 100 million yuan [8] - The report indicates that the revenue decline has significantly narrowed, with product structure stabilizing [8] Product and Market Strategy - The company is focusing on long-term product layout and channel innovation to drive growth [8] - It is actively promoting high-end products and exploring new sales channels, including e-commerce and group purchases [8] - The company has introduced new products and is planning innovative channel strategies to enhance market penetration [8]