JINHUI(SH:603919) Ge Long Hui A P P·2025-10-27 06:40Core Viewpoint - The report from Guohai Securities indicates that Jinhui Liquor has demonstrated resilience in its performance despite external demand pressures, with revenue changes of -0.97% and -4.89% year-on-year for the first three quarters of 2025 and Q3 2025 respectively [1] Group 1 - The company has maintained relatively stable performance and is upgrading its product structure amid external demand challenges, which is considered commendable [1] - The effects of consumer cultivation and structural upgrades in the core market of Gansu are becoming increasingly evident, leading to a continuous increase in market share [1] - The company is steadily advancing its market expansion outside of Gansu [1] Group 2 - Due to ongoing macroeconomic demand pressures, the firm has revised its profit forecasts downward, expecting revenues of 2.999 billion, 3.206 billion, and 3.498 billion yuan for 2025, 2026, and 2027 respectively [1] - The projected net profits attributable to the parent company are 379 million, 415 million, and 469 million yuan for the same years [1] - The expected earnings per share (EPS) are 0.75, 0.82, and 0.92 yuan, with corresponding price-to-earnings (PE) ratios of 27, 24, and 21 times [1]