Shede Spirits (SH:600702) Ge Long Hui A P P·2025-11-27 09:22Core Insights - The report from GF Securities indicates that Shede Spirits has a deep heritage in fine liquor, and after the acquisition by Fosun, the company has undergone comprehensive empowerment, suggesting that an operational turning point may have been established [1] Revenue Growth - The company has achieved rapid revenue growth under the comprehensive transformation, with adjustments made based on external conditions expected to take place in 2024 [1] - Revenue growth in the second and third quarters of 2025 is expected to show significant improvement compared to the first quarter, indicating a potential operational turning point [1] Strategic Adjustments - During the adjustment period, the company has strengthened its internal capabilities in management, product, and channel aspects [1] - The product strategy focuses on "old liquor" as a core differentiating selling point, enhancing the functional value expression of "slow to get drunk, quick to wake up, and more comfortable" [1] Brand Positioning - The dual-brand strategy of "Tuopai + Shede" aims to leverage both high and low-end brands to achieve growth across multiple price segments [1] - The company is positioned to complete its layout in high-end light bottle liquor and the thousand-yuan price range despite market headwinds [1] Valuation - Given the strong recovery elasticity of the company's performance, a 30x PE valuation for 2026 is suggested, corresponding to a reasonable value of 67.15 yuan per share, maintaining a "buy" rating [1]