山西汾酒：业绩符合预期，经营韧性凸显

Investment Rating - The report maintains a "Buy-A" rating for the company, indicating an expected price increase of over 15% relative to the benchmark index [3][5]. Core Views - The company's performance in the first three quarters of 2024 met market expectations, with revenue of 31.36 billion and net profit of 11.35 billion, reflecting year-on-year growth of 17.25% and 20.34% respectively [3][5]. - The company demonstrates operational resilience, with a stable profit margin and strong cash flow performance, highlighted by a net profit margin of 36.23% for the first three quarters of 2024 [2][5]. Summary by Sections Company Performance - In the first three quarters of 2024, the company achieved revenue of 31.36 billion, up 17.25% year-on-year, and a net profit of 11.35 billion, up 20.34% year-on-year [3][5]. - The third quarter alone saw revenue of 8.61 billion, a year-on-year increase of 11.35%, and a net profit of 2.94 billion, up 10.36% year-on-year [1][3]. Product and Regional Analysis - Revenue from high-end liquor and other liquor categories for the first three quarters of 2024 was 22.61 billion and 8.64 billion respectively, with year-on-year growth of 14.26% and 26.87% [1][5]. - The company experienced steady growth in its domestic market, with revenue of 11.90 billion in the third quarter, up 12.13% year-on-year, while the external market saw a slower growth rate of 10.96% [1][2]. Financial Metrics - The company reported a gross margin of 76.03% for the first three quarters of 2024, with a net profit margin of 36.23% [2][5]. - The earnings per share (EPS) for 2024 is projected to be 10.37, with corresponding price-to-earnings (P/E) ratios of 20.2, 17.2, and 14.0 for the years 2024, 2025, and 2026 respectively [5][6].