GUJING(000596) 华福证券·2024-09-01 12:02Investment Rating - The report maintains a "Hold" rating for the company [2][4] Core Views - The company achieved a revenue of 138.06 billion yuan in the first half of 2024, representing a year-on-year increase of 22.07%, with a net profit of 35.73 billion yuan, up 28.54% year-on-year [4] - The white liquor business continues to expand, with significant growth in the premium segment, particularly in the year-round original liquor series [3][4] - The company is targeting a revenue goal of 30 billion yuan, supported by a strong national expansion strategy [3] Financial Performance Summary - For the first half of 2024, the company reported a revenue of 138.06 billion yuan, with a net profit of 35.73 billion yuan, and a year-on-year growth of 28.54% in net profit [4] - The company’s revenue forecast for 2024 is set at 24,607 million yuan, with a projected growth rate of 21% [5] - The earnings per share (EPS) for 2024 is estimated to be 11.10 yuan, with a price-to-earnings (P/E) ratio of 15.5 [5][6] Business Segment Analysis - The white liquor segment accounted for 97.27% of total revenue in the first half of 2024, with a revenue of 134.28 billion yuan, up 22.29% year-on-year [3] - The company’s product structure has been optimized, with the year-round original liquor series contributing significantly to revenue growth [3] - The company has seen regional revenue growth across various markets, with North China achieving a 35.1% increase [3]