Group 1 - The structure of the liquor consumer demographic is gradually becoming younger, with an increasing focus on instant retail channels. The ban on alcohol consumption for civil servants has led to a decrease in business banquet scenarios, while gatherings with friends, late-night drinks, and camping experiences are on the rise, indicating a shift towards the immediacy of liquor purchases [1] - According to Meituan Flash Purchase data, the transaction scale of instant retail for liquor is expected to grow by over 100% year-on-year in 2024. 30% of liquor orders are delivered to dining establishments, suggesting that some consumers have developed a habit of purchasing liquor instantly in dining scenarios [1] - Major liquor companies like Kweichow Moutai, Luzhou Laojiao, Wuliangye, and Yanghe are entering the instant retail channel, often through their own stores. For instance, Luzhou Laojiao's "Hour Delivery" stores utilize a "live streaming + instant retail" model for product delivery [1] Group 2 - Huazhi Liquor has a wide store channel layout and addresses consumer pain points regarding product authenticity, giving it a natural advantage in the instant retail channel. The company actively engages with platforms like WeChat Mini Programs, Meituan, JD.com, Ele.me, Douyin, and Taobao Flash Purchase [2] - With 2,000 stores and over 30,000 terminal service points across major cities in China, Huazhi Liquor has a significant advantage in store channel layout. The company maintains long-term stable partnerships with leading liquor brands to ensure product authenticity [2] - The company has adjusted its revenue and gross margin forecasts for 2025-2026. The projected earnings per share for 2025-2027 are 0.29, 0.50, and 0.57 yuan, respectively. The estimated equity value of the company is 8.4 billion yuan, with a target price of 20.14 yuan, maintaining a buy rating [2]
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