Shede Spirits (SH:600702) Nan Fang Du Shi Bao·2025-09-23 05:45Core Viewpoint - Shede Liquor Industry (600702.SH) anticipates a significant decrease in net profit for 2024, projecting a range of 320 million to 420 million yuan, influenced by the broader challenges facing the liquor industry, including demand slowdown and high inventory levels [1] Group 1: Company Performance - The company expects net profit attributable to shareholders to be between 320 million and 420 million yuan for 2024, with a non-GAAP net profit forecast of 366 million to 466 million yuan [1] - Despite the performance pressure, the pricing structure of core products remains stable, with prices for key products like Wisdom Shede and Taste Shede showing increases compared to the beginning of 2024 [1] - The company is implementing a "control volume and support price" strategy to assist distributors and enhance sales, while also increasing investment in brand building [1] Group 2: Industry Context - The liquor industry is currently undergoing a deep adjustment period, facing challenges such as demand slowdown, high inventory, and price declines, leading to increased competition among companies [1] - The China Alcoholic Drinks Association has called for the industry to proactively lower expectations and manage profits to secure future growth [1] - Analysts believe that despite the current profitability challenges, Shede Liquor's differentiated advantage with "old liquor + famous liquor" remains intact, suggesting a potential for recovery in 2025 [3] Group 3: Future Outlook - Shede Liquor plans to focus on brand enhancement, channel development, and consumer cultivation, aiming to improve overall competitiveness and ensure stable growth [2] - The company has initiated significant projects in innovation and production expansion, which may impact short-term performance but are expected to enhance product quality and market competitiveness in the long run [2] - Analysts predict that with inventory improvements and continued product releases, Shede Liquor may experience a rebound in growth in 2025 [3]