华致酒行：门店产品持续升级，精品酒营销继续推进

Investment Rating - The investment rating for the company is "Buy" [3] Core Views - The company has shown resilience in expanding its operations despite market disruptions, with a focus on upgrading its store formats and enhancing its product offerings [1] - The company reported a revenue of 5.943 billion yuan for H1 2024, a year-on-year increase of 1.3%, and a net profit of 155 million yuan, up 2.77% year-on-year [1] - The company is positioned as a leading distributor in the domestic liquor market, with stable upstream partnerships and strong channel, brand, and operational capabilities [1] Financial Performance - For Q2 2024, the company achieved a revenue of 1.81 billion yuan, representing a year-on-year growth of 14.77%, but the net profit decreased by 49.10% year-on-year to 25 million yuan [1] - The gross margin for Q2 2024 was 10.5%, down 2.36 percentage points year-on-year, primarily due to increased costs associated with premium liquor and a higher proportion of premium products [1] - The company expects revenues of 10.58 billion yuan, 11.92 billion yuan, and 13.37 billion yuan for 2024, 2025, and 2026 respectively, with net profits projected at 247 million yuan, 302 million yuan, and 393 million yuan for the same years [2][1] Market Strategy - The company is actively promoting the upgrade of its store formats, adopting a new model that combines famous liquor, high-end dining, and entertainment ecosystems [1] - The product strategy includes collaborations with renowned liquor brands and a focus on experiential marketing for premium products [1] - The company has successfully hosted numerous tasting events and golf club tournaments to enhance brand visibility and customer engagement [1]