WLY(000858) 长江证券·2024-09-11 01:11Investment Rating - The report maintains a "Buy" rating for Wuliangye (000858 SZ) [6] Core Views - Wuliangye achieved steady growth in revenue and profit in H1 2024, with total operating revenue reaching 50 648 billion yuan (YoY +11 3%) and net profit attributable to shareholders of 19 057 billion yuan (YoY +11 86%) [2][5] - The company's cash flow performance was strong, with cash received from sales of goods and services reaching 49 648 billion yuan (YoY +15 32%) in H1 2024 [6] - Wuliangye's internal management has improved, and the company is actively increasing its market share, with core product prices remaining relatively stable [6] Financial Performance - In Q2 2024, Wuliangye's operating revenue was 15 815 billion yuan (YoY +10 08%), and net profit attributable to shareholders was 5 012 billion yuan (YoY +11 5%) [2][5] - The company's gross profit margin increased by 0 58 percentage points YoY in H1 2024, while the sales expense ratio rose by 1 1 percentage points [6] - Wuliangye's net profit margin attributable to shareholders improved by 0 19 percentage points YoY to 37 63% in H1 2024 [6] Product and Regional Analysis - Wuliangye's high-end liquor sales volume increased by 12 07% YoY in H1 2024, while the average price per ton decreased slightly by 0 56% [5] - The company's other liquor products saw a significant increase in average price per ton by 54 68% YoY in H1 2024, driven by product structure optimization [5] - Regional sales growth was led by the eastern and western regions, with increases of 15 7% and 16 66% YoY, respectively, in H1 2024 [5] Valuation and Outlook - Wuliangye's PE-TTM is currently at a 5-year historical low [6] - The report forecasts EPS of 8 64 yuan and 9 58 yuan for 2024 and 2025, respectively, with corresponding PE ratios of 14x and 12x [6]