山西汾酒（600809）：经营具有韧性，报表端逐步释放压力

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [8][9]. Core Insights - The company reported a revenue of 239.64 billion yuan and a net profit attributable to shareholders of 85.05 billion yuan for the first half of 2025, reflecting year-on-year growth of 5.35% and 1.13% respectively [3]. - The gross margin for the first half of 2025 was 76.65%, with a net profit margin of 35.49%, showing slight declines compared to the previous year [3]. - The company is focusing on a nationwide expansion strategy, with significant growth in key regions such as the Yangtze River Delta and Pearl River Delta [6]. Financial Performance Summary - For the first half of 2025, the company achieved a revenue of 239.64 billion yuan, with a gross profit margin of 76.65% and a net profit margin of 35.49% [3]. - In Q2 2025, the company reported a revenue of 74.41 billion yuan, with a net profit of 18.57 billion yuan, indicating a year-on-year decrease in net profit of 13.5% [4]. - The company’s revenue from its main product, Fenjiu, was 233.91 billion yuan for the first half of 2025, up 5.75% year-on-year [5]. Revenue Forecast - The company is projected to achieve revenues of 365.96 billion yuan, 385.37 billion yuan, and 417.43 billion yuan for the years 2025, 2026, and 2027 respectively, with growth rates of 1.62%, 5.30%, and 8.32% [11][9].