伊力特：动销阶段性承压，静待花开

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [4]. Core Views - The company experienced a decline in sales performance in Q3 2024, with revenue and net profit decreasing by 23.32% and 17.75% year-on-year, respectively [1]. - High-end liquor revenue showed a smaller decline of 11.84%, indicating an improvement in product mix as its proportion increased by 9.16 percentage points to 77.81% [2]. - The company is expanding its market presence outside its home region, with revenue from outside the region increasing by 32.42% year-on-year, while domestic revenue fell by 33.41% [3]. - Profitability metrics improved, with gross margin and net margin rising by 9.22 and 0.20 percentage points to 59.85% and 13.42%, respectively, attributed to the higher proportion of high-end liquor [4]. - The company is implementing a new marketing strategy aimed at driving marginal changes, despite a slight downward adjustment in profit forecasts for 2024-2026 [4]. Financial Summary - For Q3 2024, the company reported revenues of 324 million yuan, net profit of 43 million yuan, and adjusted net profit of 44 million yuan [1]. - The revenue breakdown for high-end, mid-range, and low-end liquor in Q3 2024 was 250 million, 57 million, and 14 million yuan, respectively [2]. - The company’s total revenue for 2024 is projected to be 2,252.36 million yuan, with a slight growth rate of 0.95% [6]. - The expected net profit for 2024 is 346.10 million yuan, reflecting a growth rate of 1.84% [6].