JINHUI(603919)2024-04-21 05:32Investment Rating - The report maintains a "Buy" rating for the company, projecting a significant growth in net profit for the years 2024 to 2026, with expected figures of 402 million, 473 million, and 544 million respectively, representing year-on-year growth rates of 22%, 18%, and 15% [1] Core Views - The company's marketing transformation is showing initial positive effects, and product upgrades are expected to continue. The primary growth sources for the next three years are anticipated to come from the expansion into government and business group purchases, as well as banquet channels, which will enhance the product structure. The current growth momentum for mid-to-high-end liquor is strong, and the company's market share is expected to increase both within and outside the province [1][2] Financial Performance Summary - For Q1 2024, the company achieved an operating revenue of 1.076 billion, a year-on-year increase of 20.41%, and a net profit of 221 million, reflecting a growth of 21.58% [34] - The company's gross profit margin for Q1 2024 was 65.4%, up 0.43 percentage points year-on-year, primarily due to improvements in product structure [11] - The company reported a net profit margin of 20.39% for Q1 2024, an increase of 0.11 percentage points year-on-year [11] Market Data - As of April 19, 2024, the closing price of the company's stock was 19.33 yuan, with a one-year high of 30.8 yuan and a low of 17.2 yuan [3] - The company's market capitalization is approximately 9.805 billion yuan [3] Product Performance - In Q1 2024, the revenue from liquor priced above 300 yuan reached 191 million, a significant year-on-year increase of 86.48%. The revenue from liquor priced between 100-300 yuan was 551 million, up 24.13%, while revenue from liquor priced below 100 yuan decreased by 4.2% [26] - The company’s revenue from its home province was 848 million, a year-on-year increase of 22.55%, accounting for 79.59% of total revenue [26]