LZLJ(SZ:000568) Ge Long Hui A P P·2025-11-13 08:41Core Viewpoint - Luzhou Laojiao's net profit attributable to shareholders for the first three quarters of 2025 was 10.762 billion yuan, a year-on-year decrease of 7.17%, with Q3 net profit at 3.099 billion yuan, down 13.07% year-on-year, indicating fluctuations in profitability primarily due to expense ratios [1] Company Summary - The company is actively reducing inventory and is expected to emerge stronger in the future [1] - The company is beginning to assist distributors in inventory clearance, which is a positive step towards stabilizing operations [1] - Long-term, the company is steadily advancing the nationalization of its high-end products while enhancing the competitiveness of its mid-tier products, positioning itself for stable growth [1] Industry Summary - The industry is facing certain pressures due to fluctuations in demand, which impacts overall performance [1] - Historically, lowering growth expectations and maintaining channel health are effective strategies to mitigate inventory cycle fluctuations [1] - The company's efforts to support distributors in inventory management reflect a broader industry trend towards addressing inventory challenges [1] Financial Projections - The expected EPS for the company in 2025 and 2026 is projected to be 8.14 yuan and 8.43 yuan, respectively, with corresponding latest PE ratios of 16 and 15 times [1] - The company maintains a "buy" rating based on these projections [1]