金徽酒：Q2兑现符合预期，经营提效仍延续

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [3][11]. Core Insights - The company reported a revenue of 1.75 billion RMB for the first half of 2024, representing a year-on-year increase of 15.2%, and a net profit attributable to shareholders of 290 million RMB, up 16.0% year-on-year [2]. - In Q2 2024, the company achieved a revenue of 680 million RMB, a 7.7% increase year-on-year, with a net profit of 70 million RMB, reflecting a 1.9% year-on-year growth [2]. - The operational performance aligns with expectations, with a notable increase in gross profit margin by 2.6 percentage points, despite a slight decline in net profit margin by 0.6 percentage points due to increased external donations and tax expenses [2]. - The company has implemented price increases and controlled inventory for its products, leading to a significant improvement in operating profit, which grew over 40% year-on-year [2]. - The company continues to expand its market presence, adding 130 new distributors in Q2 2024, with a focus on both domestic and regional markets [2]. Summary by Sections Performance Overview - For the first half of 2024, the company achieved a revenue of 1.75 billion RMB and a net profit of 290 million RMB, with respective year-on-year growth rates of 15.2% and 16.0% [2]. - Q2 2024 revenue was 680 million RMB, with a net profit of 70 million RMB, showing year-on-year growth of 7.7% and 1.9% respectively [2]. Operational Analysis - The company’s gross profit margin increased by 2.6 percentage points to 10.9% in Q2 2024, while the net profit margin decreased by 0.6 percentage points [2]. - The company’s operational efficiency is improving, with a significant increase in operating profit driven by enhanced gross margin and controlled expenses [2]. Product and Market Strategy - Revenue from products priced below 100 RMB, between 100-300 RMB, and above 300 RMB reached 200 million RMB, 340 million RMB, and 120 million RMB respectively in Q2 2024, with year-on-year growth rates of 13%, 3%, and 7% [2]. - The company is actively pursuing a national layout strategy, focusing on deepening its presence in the northwest and achieving breakthroughs in key areas [2]. Financial Projections - The company’s revenue is projected to reach 3.08 billion RMB in 2024, with a year-on-year growth of 21%, and net profit is expected to be 400 million RMB, reflecting a 22% increase [3]. - The estimated earnings per share (EPS) for 2024 is 0.79 RMB, with a price-to-earnings (P/E) ratio of 23 [3].