WLY(SZ:000858) Changjiang Securities·2025-09-14 04:45Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company's total revenue for H1 2025 is 52.771 billion yuan, representing a year-on-year increase of 4.19%. The net profit attributable to shareholders is 19.492 billion yuan, up 2.28% year-on-year, while the net profit excluding non-recurring items is 19.48 billion yuan, an increase of 2.86% year-on-year [2][6]. - In Q2 2025, the company reported total revenue of 15.831 billion yuan, a slight increase of 0.1% year-on-year, but the net profit attributable to shareholders decreased by 7.58% to 4.632 billion yuan, with the net profit excluding non-recurring items down 5.75% to 4.618 billion yuan [2][6]. - The sales revenue from liquor products in H1 2025 reached 49.12 billion yuan, a year-on-year increase of 4.26%. The revenue from Wuliangye liquor was 40.998 billion yuan, up 4.57% year-on-year, while other liquor products generated 8.122 billion yuan, an increase of 2.73% year-on-year [11]. Financial Performance - The company's gross profit margin for H1 2025 decreased by 0.53 percentage points to 76.83%, and the net profit margin attributable to shareholders declined by 0.69 percentage points to 36.94% [11]. - The company plans to align its revenue growth target for 2025 with macroeconomic indicators, with expected EPS for 2025 and 2026 at 8.36 yuan and 8.83 yuan, respectively, corresponding to PE ratios of 15 and 14 times [11].