Deep Adjustments Continue, Awaiting Demand Recovery
发布时间:2026-08-20 来源:华泰证券
Shede's 1H26 revenue/attributable net profit(NP)/recurring NP were RMB2,290/150/130mn(-15.3/-67.3/-69.8%YoY).For 2Q26,revenue was RMB810mn(-28.4%YoY),and the attributable/recurring NP were RMB-90/-90mn(vs RMB100/100mn in 2Q25).As sub-premium baijiu demand remained soft,following strategies of stabilizing prices,managing inventories,and boosting sell-through,Shede has moderately slowed shipments to support distributors in destocking,but this measure weighed on earnings.Retail sell-through will be compared against alow base in 2H26.We expect demand to pick up during the peak Mid-Autumn Festival season and shore up Shede’s profitability.Maintain BUY.
Flagship SKUs:revenue remained sluggish
1)By price segment:For 1H26,revenues from mid-range to high-end/mass-market baijiu were RMB1,540/500mn(-22/+12%YoY),with 2Q26 revenues at RMB490/200mn(-34/-14%YoY).On our estimates,Pinwei series revenue remained under slight pressure,but inventories have been normalizing amid long-term adjustments.Mass-market lines such as Tuopai T68 and She Zhi Dao supported the company’s revenue,offsetting sales pressure in the sub-premium segment.2)By region:For 1H26,revenues from the base market(Sichuan)/outside the base market were RMB760/1,280mn(-3/-22%YoY),with 2Q26 revenues at RMB240/450mn(-18/-34%YoY).The provincial capital campaign was on track.While prioritizing healthy distribution networks across all regions,the company focused on building sample markets.At end-2Q26,the company had 2,453 distributors(-72 vs end-2025).For 1H26,revenues from wholesale agencies/e-commerce platforms changed by-21/+18%YoY.On e-commerce platforms,it highlighted non-standard products such as cultural and creative items to sharpen its focus on the ToC market.
1H26:GPM drop/rigid expenses exerted pressure on NPM
For 1H26,the GPM slid by 4.5pp YoY to 61.2%(2Q26:-8.8pp YoY to 51.8%)on product-mix shifts.For 1H26,the sales-expense ratio rose by 4.5pp YoY to 25.6%;for 2Q26,it climbed by 10.0pp YoY to 33.7%,possibly as asharp revenue contraction failed to effectively dilute fixed spending on refined distribution channel building.For 1H26,the administrative-expense ratio fell by 0.9pp YoY to 8.3%;for 2Q26,it slid by 0.2pp YoY to 10.7%.For 1H26,the tax and surcharge ratio rose by 4.4pp YoY to 17.6%(2Q26:+4.4pp YoY to 19.8%).Consequently,the 1H26/2Q26 attributable NPMs fell by 10.1/19.4pp YoY to+6.3/-10.7%.For 1H26,sales receipts were RMB2,380mn(-14.1%YoY),and the net operating cash flow was RMB-30mn.At end-2Q26,contract liabilities were RMB160mn(+RMB3/30mn YoY/QoQ).
Maintain BUY
Over the past two years,the company has prioritized long-term channel health and actively destocked;current adjustments have entered the latter half.Considering that external demand remains under pressure,we lower our 2026/2027/2028 revenue forecasts by 3/3/3%to RMB4,474/4,758/5,203mn(+1.2/6.4/9.4%YoY).We project 2026/2027/2028 EPS at RMB0.97/1.47/1.77(down by 34/15/14%from our previous forecasts).Given the significant earnings volatility in 2026,profit performance is likely to normalize in 2027.We value the stock at 30x 2027E PE,at par with its peers’average of 30x on Wind consensus.Our target price is RMB44.10(previous:RMB63.21,based on 43x 2026E PE,at par with its peers’average of 43x).Maintain BUY.
Risks:intensified competition,consumer demand falling short of our expectations,food safety issues,weaker transmission than we expect of price hikes.