今世缘(603369)：苏酒强者 尽享升级与份额

Core Viewpoint - The company, as a leading liquor producer in Jiangsu, is expected to achieve further market share and scale growth through product structure upgrades, focused provincial channel development, and steady expansion into other provinces [1] Group 1: Financial Projections and Investment Recommendations - The company is projected to have diluted EPS of 2.99, 3.28, and 3.58 CNY per share for the years 2025-2027, with current stock prices corresponding to PE ratios of approximately 16.3, 14.8, and 13.6 times [1] - The company has achieved over 10 billion CNY in revenue in 2023, with a CAGR of 20.75% for total revenue and 20.77% for net profit attributable to shareholders from 2016 to 2024, ranking 3rd and 8th among 20 peers respectively [1] Group 2: Product Structure and Growth - The company's product revenue CAGR from 2019 to 2024 is led by the special A+ category (22%) and the special A category (17%), with these two categories expected to account for 94% of revenue by 2024 [2] - The company has focused on developing key products in the mid-range segment, benefiting from the expansion of the mid-tier market, with a significant growth rate of 37% in the special A category in 2023 [2] Group 3: Regional Expansion Strategy - The company is steadily increasing its market share in Jiangsu, with revenue ratios to Yanghe expected to improve from approximately 1:2.3 in 2019 to 1:1.2 in 2024 [3] - The company’s revenue CAGR in provincial markets is 25%, outpacing the 18% growth in its home province, with significant sales growth expected in key markets like Anhui and Shandong [3]