伊力特：渠道改革持续推进，新品招商进展顺利

Investment Rating - The report maintains a "Recommend" rating for the company [2][5] Core Viewpoints - The company achieved a revenue of 1.33 billion yuan in the first half of 2024, representing a year-on-year growth of 9%, with a net profit attributable to the parent company of 200 million yuan, up 12% year-on-year [2] - In the second quarter of 2024, the company recorded a revenue of 500 million yuan, a 4% increase year-on-year, and a net profit of 39 million yuan, which is a significant 39% increase year-on-year [2] - The company is experiencing rapid growth in direct sales channels and has shown strong performance in markets outside its home region, with second-quarter revenues from high-end, mid-range, and low-end products reaching 300 million, 150 million, and 40 million yuan respectively, reflecting year-on-year growth of 1%, 24%, and 8% [4] - The gross profit margin improved to 48.2% in the second quarter of 2024, an increase of 6.1 percentage points year-on-year, driven by the rapid expansion of direct sales channels [4] - The company is actively pursuing channel reforms and has made significant progress in new product recruitment, with plans to recruit around 50 new distributors throughout the year [4] Financial Summary - The company's total revenue is projected to grow from 2.23 billion yuan in 2023 to 2.82 billion yuan in 2025, with a compound annual growth rate of approximately 14% [3] - Net profit is expected to increase from 340 million yuan in 2023 to 450 million yuan in 2025, reflecting a growth rate of 17.1% [3] - The gross margin is forecasted to improve gradually from 48.2% in 2023 to 50.0% by 2026 [3] - The return on equity (ROE) is anticipated to rise from 8.9% in 2023 to 12.6% in 2026 [3] Market Position - The company is positioned as a leading player in the food and beverage industry, specifically in the liquor segment, with a strong focus on channel reform and product innovation [4][5] - The company has a significant market presence in both domestic and provincial markets, with a notable increase in revenue from outside its home region [4]