GUJING(000596) 国泰君安·2024-09-01 01:37Investment Rating - The report maintains an "Accumulate" rating for Gujing Gongjiu with a revised target price of 219.26 yuan, down from the previous 343.20 yuan [3][12]. Core Views - The company's revenue in Q2 2024 was slightly below expectations, but profit performance met expectations, indicating a steady cash flow. The report highlights the company's market share logic and continuous improvement in profitability, suggesting a strong certainty in future performance [3][12]. Summary by Sections Financial Performance - In Q2 2024, the company achieved revenue of 5.519 billion yuan and a net profit of 1.507 billion yuan, representing year-on-year increases of 16.79% and 24.57%, respectively [12]. - The revenue growth was slightly below expectations due to seasonal adjustments and a dip in consumer demand, while profit growth aligned with forecasts [12]. - The gross margin improved significantly year-on-year, attributed to product mix enhancements and reduced discounting [12]. Profitability and Cash Flow - The report notes a notable increase in the company's net profit margin, which rose by 1.8 percentage points year-on-year, reaching historical highs [12]. - Cash flow from sales increased by 12.8% year-on-year, with contract liabilities at the end of the period amounting to 2.22 billion yuan, indicating stable cash flow performance [12]. Market Position and Future Outlook - The report emphasizes the importance of market share concentration in the liquor industry, suggesting that Gujing Gongjiu's solid provincial channels and product structure align with consumer trends, which may lead to sustained market share growth [3][12]. - The long-term outlook for the company is positive, with expectations of continued profitability improvements and a strong performance certainty [12].