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Research reports digging gold丨Tianfeng Securities: Sichuan Swellfun's Q3 performance meets expectations, maintaining a 'buy' rating.
Tianfeng's research report pointed out that sichuan swellfun (600779.SH) mid-range Tianhao Chen's volume momentum continued, Q3 performance met expectations, maintaining a "buy" rating. Q3 company baijiu business revenue was 2.038 billion yuan (+0.28% year-on-year), expected good momentum in the third quarter, Jingtai's pressure is relatively obvious under the background of downgrades, Tianhao Chen and series of liquors cater to downgrade demands, maintaining volume momentum. The company's overseas market Q3 growth was outstanding, gross margin improvements resonated with optimized expense structure, significantly increasing the company's profitability. In addition, 24Q3 end contract liabilities changed -1.48%/-5.87% month-on-month/year-on-year.
Express News | 98 stocks received buy ratings from institutions, with kweichow moutai garnering the highest attention.
sichuan swellfun (600779): The mid-range Tianhao Chen released volume momentum continued, Q3 performance met expectations.
Event: In Q3 2024, the company's revenue/ net income attributable to the parent company/ non-recurring net profit attributable to the parent company were 2.07/0.883/0.881 billion yuan (+0.38% / +7.67% / +10.47% year-on-year).
Sichuan Swellfun (600779): Performance meets expectations, operation smoothly transitions.
Investment highlights: The company announced its performance for the first three quarters, achieving revenue of 3.79 billion yuan in 24Q1~Q3, up 5.6% year-on-year, with a net income attributable to the parent company of 1.13 billion yuan, up 10% year-on-year. Q3 revenue reached 2.07 billion yuan in 24.
Express News | Zheshang Securities: Liquor companies actively control speed and focus on leading symbols.
The A-share baijiu sector continues to strengthen, with Jiugui Liquor and other stocks hitting the limit up.
On November 7th, Jiugui Liquor, Sichuan Swellfun, Beijing Shunxin Agriculture hit the limit up, Shede Spirits, Gansu Huangtai Wine-Marketing Industry, Anhui Golden Seed Winery, Hebei Hengshui Laobaigan Liquor rose by over 6%. In terms of news, according to the third quarter report of 2024, Kweichow Moutai, Wuliangye Yibin, Shanxi Xinghuacun Fen Wine Factory, Jiangsu Yanghe Brewery Joint-Stock, and Luzhou Laojiao, the top 5 leading liquor enterprises, achieved a total revenue of 271.869 billion yuan in the first three quarters, a year-on-year increase of 11.07%, accounting for 82.29% of the total revenue of 19 listed liquor companies, an increase of 0.78% year-on-year; the total net income was 117.28 billion, a year-on-year growth of 10.74%, accounting for 89.31% of the overall net income of listed companies, and the proportion increased year-on-year.
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