BAIRUN CORPORATION(002568) 国泰君安·2024-11-04 05:42Investment Rating - The report maintains a "Buy" rating for the company [2][3]. Core Views - The company's performance slightly underperformed market expectations, with a focus on ready-to-drink cocktails and whiskey contributing to potential excess returns in the medium to long term [2]. - The target price has been raised to 29.90 yuan from the previous 22.50 yuan, reflecting a valuation premium due to the company's growth potential [2][3]. Financial Performance Summary - For Q3 2024, the company reported revenue of 2.386 billion yuan, a year-on-year decrease of 2.88%, and a net profit attributable to shareholders of 574 million yuan, down 13.67% year-on-year [2]. - The Q3 single-quarter revenue was 758 million yuan, a decline of 5.95% year-on-year, with net profit at 172 million yuan, down 24.01% year-on-year [2]. - The gross margin for Q3 2024 was 70.18%, an increase of 0.75 percentage points year-on-year, attributed to product mix optimization [2]. - The net profit margin was 22.67%, a decrease of 5.39 percentage points year-on-year, primarily due to increased expense ratios [2]. Product Development and Market Strategy - The company has established a product matrix for ready-to-drink cocktails, covering a wide consumer base, and anticipates continued growth in this segment [2]. - The company plans to launch its first domestic whiskey product in mid-November, aiming to tap into the growing demand for personalized drinking experiences among younger consumers [2].