YINGJIA DISTILLERY(SH:603198) Changjiang Securities·2025-09-14 04:45Investment Rating - The investment rating for the company is "Buy" and is maintained [6] Core Views - The company reported a total revenue of 3.16 billion yuan for the first half of 2025, a year-on-year decrease of 16.89%. The net profit attributable to shareholders was 1.13 billion yuan, down 18.19% year-on-year, and the net profit excluding non-recurring items was 1.093 billion yuan, a decline of 19.94% year-on-year [2][4] - In the second quarter of 2025, the company achieved total revenue of 1.113 billion yuan, a year-on-year decrease of 24.13%. The net profit attributable to shareholders was 302 million yuan, down 35.20% year-on-year, and the net profit excluding non-recurring items was 277 million yuan, a decline of 40.24% year-on-year [2][4] - The company is controlling its delivery rhythm, resulting in overall pressure in the second quarter. The mid-to-high-end liquor segment generated revenue of 817 million yuan, down 23.6% year-on-year, while ordinary liquor revenue was 210 million yuan, down 32.9% year-on-year, indicating that the decline in ordinary liquor was greater due to intensified industry competition [8][4] - The company’s net profit margin for the first half of 2025 decreased by 0.57 percentage points to 35.76%, while the gross margin increased by 0.18 percentage points to 73.62%. The expense ratio increased by 2.00 percentage points to 13.34%, with notable changes in sales expense ratio (+1.75 percentage points) and management expense ratio (+1.15 percentage points) [8][4] - The company is maintaining a healthy market rhythm and adjusting its targets flexibly in response to external pressures, with inventory remaining in a good state for future growth. The expected EPS for 2025 and 2026 are 2.77 yuan and 2.93 yuan, respectively, corresponding to current PE ratios of 16 and 15 times [8][4]