YLT(600197) 东吴证券·2024-08-28 03:12Investment Rating - Buy (Maintained) [1] Core Views - The company released its 2024H1 financial report, with H1 revenue of 1.33 billion yuan, up 8.9% YoY, and net profit attributable to the parent company of 200 million yuan, up 12.1% YoY [2] - Q2 revenue was 500 million yuan, up 3.6% YoY, and net profit attributable to the parent company was 40 million yuan, up 38.9% YoY [2] - The company is in a reform and adjustment phase, with high-end liquor sales slowing down temporarily [2] - The company's reform efforts are expected to yield results in H2 2024, with new product launches and nationwide expansion [3] Financial Performance Revenue and Profit - 2024H1 revenue: 1.33 billion yuan, up 8.9% YoY [2] - 2024H1 net profit attributable to the parent company: 200 million yuan, up 12.1% YoY [2] - 2024Q2 revenue: 500 million yuan, up 3.6% YoY [2] - 2024Q2 net profit attributable to the parent company: 40 million yuan, up 38.9% YoY [2] - 2024E revenue: 2.648 billion yuan, up 18.69% YoY [1] - 2024E net profit attributable to the parent company: 404.95 million yuan, up 19.15% YoY [1] Product and Regional Breakdown - Q2 liquor revenue: 493 million yuan, up 7.8% YoY [2] - High-end liquor revenue: 300 million yuan, up 1% YoY [2] - Mid-range liquor revenue: up 24.3% YoY [2] - Low-end liquor revenue: up 8.5% YoY [2] - Q2 domestic revenue (Xinjiang): 330 million yuan, down 1.1% YoY [2] - Q2 external revenue (outside Xinjiang): 170 million yuan, up 31.1% YoY [2] Profitability and Costs - Q2 gross margin: 48.2%, up 6.1 pct YoY [3] - Q2 net profit margin: 7.8%, up 1.98 pct YoY [3] - Q2 sales expense ratio: 17.9%, up 5 pct YoY [3] - Q2 management expense ratio (including R&D): down 0.3 pct YoY [3] - Q2 income tax rate: 13.6%, down 29.8 pct YoY [3] Valuation and Forecast - 2024E EPS: 0.86 yuan/share [1] - 2024E P/E: 17.44x [1] - 2025E EPS: 1.01 yuan/share [1] - 2025E P/E: 14.84x [1] - 2026E EPS: 1.21 yuan/share [1] - 2026E P/E: 12.35x [1] Market Data - Closing price: 14.96 yuan [5] - 52-week low/high: 14.90/25.78 yuan [5] - P/B ratio: 1.78x [5] - Market cap: 7,061.22 million yuan [5] Financial Ratios - ROE (2024E): 10.12% [10] - ROIC (2024E): 9.83% [10] - Debt-to-asset ratio (2024E): 24.18% [10] Cash Flow - 2024E operating cash flow: 571 million yuan [10] - 2024E capital expenditure: 65 million yuan [10]