JGJC(000799) 长江证券·2024-09-06 02:13Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company experienced significant revenue and profit declines in the first half of 2024, with total revenue of 999.4 million yuan, down 35.5% year-on-year, and a net profit attributable to shareholders of 121 million yuan, down 71.32% year-on-year [5]. - The report highlights intensified industry competition, leading to continued revenue pressure in Q2 2024, with total revenue of 500 million yuan, down 13.27% year-on-year [5]. - The gross margin has decreased, and the selling expense ratio has increased, with the net profit margin dropping by 15.2 percentage points to 12.17% in H1 2024 [5]. - The report anticipates earnings per share (EPS) of 0.84 yuan and 1.12 yuan for 2024 and 2025, respectively, with corresponding net profits of 274 million yuan and 363 million yuan [6]. Summary by Sections Financial Performance - In H1 2024, the company reported total revenue of 999.4 million yuan, a decrease of 35.5% year-on-year, and a net profit of 121 million yuan, down 71.32% year-on-year [5]. - The gross margin for H1 2024 was 73.35%, down 6.8 percentage points year-on-year, while the net profit margin fell to 12.17% [5]. - The company’s Q2 2024 revenue was 500 million yuan, a decline of 13.27% year-on-year, with a net profit of approximately 47.64 million yuan, down 60.87% year-on-year [5]. Product Performance - The white liquor business generated revenue of 990 million yuan in H1 2024, down 35.62% year-on-year, with sales volume of 4,418 tons, a decrease of 18.77% [6]. - The average price per ton of white liquor was 224,000 yuan, down 20.75% year-on-year [6]. Future Projections - The report projects EPS of 0.84 yuan for 2024 and 1.12 yuan for 2025, with corresponding net profits of 274 million yuan and 363 million yuan, leading to price-to-earnings (PE) ratios of 42 and 32 times, respectively [6].