百润股份：半年报点评：预调酒增长承压 毛利率提升明显

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Insights - The company reported a revenue of 1.628 billion yuan for the first half of 2024, a year-on-year decrease of 1.38%, and a net profit attributable to the parent company of 402 million yuan, down 8.36% year-on-year [2][3] - The pre-mixed cocktail segment faced growth pressure, while offline channels showed resilience, with offline retail revenue increasing by 7.03% year-on-year [3] - The gross margin for the pre-mixed cocktail business improved by 3.95% year-on-year, reaching 70.56% in the first half of 2024, attributed to cost reductions and product structure enhancements [3] - The company expects revenue growth for 2024-2026 to be 3.90%, 11.70%, and 11.51% respectively, with net profits projected at 848 million yuan, 954 million yuan, and 1.079 billion yuan [4] Financial Performance Summary - Revenue for 2022 was 2.593 billion yuan, with a growth rate of -0.04%, and net profit was 521 million yuan, down 21.74% [4] - The company forecasts revenue of 3.391 billion yuan for 2024, with a net profit of 848 million yuan, translating to an EPS of 0.81 yuan [4] - The gross margin is expected to reach 69.95% in 2024, with a net profit margin of 24.92% [8]