SCSF(600779) 华安证券·2024-07-28 12:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported H1 2024 performance with revenue of 1.719 billion (up 12.6%) and net profit attributable to shareholders of 242 million (up 19.6%) [1] - The revenue and profit exceeded market expectations [1] - The growth in high-end liquor is driven by the low-tier high-end product "Zhenniang No. 8" [1] - The company is focusing on channel cultivation through the "Hundred Cities Plan" to ensure revenue growth [1] - The new management team is expected to enhance internal execution and management efficiency [1] Financial Performance - In Q2 2024, the company achieved revenue of 785 million (up 16.6%) and net profit of 56 million (up 29.6%) [1] - The gross profit margin for Q2 2024 was 81.6%, with high-end liquor gross margin at 86.0% (up 2.8 percentage points) [1] - The company’s net profit margin reached 7.15% (up 0.72 percentage points) in Q2 2024 [1] Revenue Breakdown - In Q2 2024, high-end and mid-range liquor generated revenues of 720 million (up 14.7%) and 23 million (down 43.6%) respectively [1] - The decline in mid-range liquor is attributed to high base effects from the previous year [1] - The company anticipates a revenue growth rate of around 20% for high-end liquor [1] Future Outlook - The company expects to maintain double-digit growth targets for the fiscal year 2025 [1][2] - Revenue projections for 2024-2026 are updated to 5.953 billion, 6.525 billion, and 7.030 billion respectively, with year-on-year growth rates of 11.5%, 12.5%, and 13.1% [2][4] - Net profit attributable to shareholders is projected to be 1.269 billion, 1.451 billion, and 1.666 billion for 2024-2026, with corresponding growth rates of 14.4%, 14.8%, and 15.4% [2][4]