研报掘金丨长江证券：维持山西汾酒“买入”评级，汾酒长期发展逻辑有望延续

Core Viewpoint - Shanxi Fenjiu's net profit attributable to shareholders for the first three quarters of 2025 reached 11.405 billion yuan, a year-on-year increase of 0.48%, while Q3 net profit was 2.899 billion yuan, a year-on-year decline of 1.38% [1] Group 1: Financial Performance - The company's long-term development logic remains solid, with a dual growth pattern of glass Fenjiu and Qinghua gradually taking shape [1] - The glass Fenjiu single product advantage remains unchanged, while Qinghua 20 is gradually establishing an advantage in the mid-to-high-end market [1] - The development model of Qinghua 30 revival is returning to a healthy state [1] Group 2: Market Strategy - The company is steadily advancing its national expansion [1] - With the gradual recovery of industry demand in the future, the long-term development logic of Fenjiu is expected to continue [1] Group 3: Earnings Forecast - Expected EPS for 2025 and 2026 are 10.09 yuan and 10.93 yuan respectively, with current stock prices corresponding to PE ratios of 20 and 18 times [1] - The company maintains a "buy" rating [1]