TIANYOUDE(002646) 德邦证券·2024-08-19 00:30Investment Rating - The report maintains a "Buy" rating for Tianyoude Liquor (002646 SZ) [2] Core Views - The company achieved revenue of 759 million yuan in H1 2024, a YoY increase of 14 93%, but net profit attributable to the parent company decreased by 17 53% to 80 million yuan [3] - In Q2 2024, revenue declined by 11 82% YoY to 233 million yuan, with net profit attributable to the parent company turning negative at -29 million yuan, a 248 08% YoY decrease [3] - The company's core product, highland barley liquor, grew by 8 5% YoY, while e-commerce platform business surged by 116 6% [3] - The company is deepening its marketing transformation, with a clear national market layout strategy and plans to expand into the US market [3] Financial Performance - The company's gross margin in Q2 2024 decreased by 10 6 percentage points to 51 4%, mainly due to reduced revenue scale [4] - Sales and management expense ratios increased by 7 3 and 5 3 percentage points respectively in Q2 2024, as the company increased investment for future product sales [4] - The company announced an interim cash dividend of 0 33 yuan per 10 shares, totaling 15 91 million yuan [4] Future Projections - The report forecasts revenue of 1 44 billion yuan in 2024, with a YoY growth of 18 6%, and expects revenue to reach 1 91 billion yuan by 2026 [4] - Net profit attributable to the parent company is projected to grow by 37 2% to 120 million yuan in 2024, reaching 260 million yuan by 2026 [4] - The company's gross margin is expected to improve from 64 5% in 2024 to 66 9% in 2026 [5] Market Strategy - The company is focusing on strengthening its position in the Qinghai market while expanding into strategic regions like Gansu, Shanxi, Shaanxi, and Henan [3] - The company added 26 new distributors in markets outside Qinghai in H1 2024, enhancing its distribution network [3] - The company is implementing a product strategy that includes improving the display of mid-range products (100-200 yuan) and strengthening regional coverage of low-end products [3]