JGJC(000799) 西南证券·2024-11-04 13:24Investment Rating - The report does not provide a specific investment rating for the company [1]. Core Views - The company reported a significant decline in revenue and net profit for the first three quarters of 2024, with revenue at 1.19 billion yuan, down 44.4% year-on-year, and net profit at 60 million yuan, down 88.2% year-on-year [1]. - The third quarter of 2024 saw revenue of 200 million yuan, a decrease of 67.2% year-on-year, and a net loss of 60 million yuan [1]. - The company is facing challenges in product sales and cautious channel repayments, with weak demand in the mid-to-high-end product segments [1]. - The company is actively adjusting its strategy to focus on core products and improve market presence, particularly in its home market of Hunan [1]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved revenue of 1.19 billion yuan, down 44.4% year-on-year, and a net profit of 60 million yuan, down 88.2% year-on-year [1]. - In Q3 2024, revenue was 200 million yuan, down 67.2% year-on-year, with a net loss of 60 million yuan [1]. - The company’s white liquor sales volume for the first half of 2024 was 4,418 tons, down 18.8% year-on-year [1]. Product Performance - The company’s product lines showed varied performance, with the "Inner Reference" series sales down 44.4%, while the "Xiangquan" series saw a 36.2% increase [1]. - The average price per ton for white liquor was 224,000 yuan, down 20.8% year-on-year [1]. Cost and Profitability - The gross margin for the first three quarters of 2024 was 71.8%, a decrease of 7.1 percentage points year-on-year [1]. - The net profit margin was 4.7%, down 17.6 percentage points year-on-year [1]. - Operating cash flow for Q3 2024 was negative 200 million yuan, a significant decline compared to the previous year [1]. Strategic Adjustments - The company is focusing on its core product lines, particularly the "Jiu Gui" and "Inner Reference" series, and is optimizing its product structure [1]. - Efforts are being made to enhance market presence in Hunan and expand into other provinces with sample market initiatives [1]. - The company is increasing promotional activities and strengthening its online and group purchase channels to boost sales [1]. Earnings Forecast - The earnings per share (EPS) for 2024-2026 are projected to be 0.29 yuan, 0.38 yuan, and 0.47 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 176, 134, and 108 [2].