研报掘金丨申万宏源研究：维持山西汾酒“买入”评级，25年稳健收官，26年坚持稳健发展

Core Viewpoint - The company is expected to achieve its annual target for 2025, indicating stable growth despite industry downturns [1] Group 1: Company Performance - The company maintains a relatively reasonable inventory level and stable pricing during the current industry downturn [1] - Current channel inventory is at a level of 2-3 months, with the price of Qinghua 20 batch around 350 yuan, indicating a healthy channel state [1] - The company is projected to continue achieving high-quality and stable growth in 2026, with significant growth potential if external demand improves [1] Group 2: Brand and Market Position - The company possesses a strong brand foundation and a comprehensive product matrix, with notable competitive advantages in major products across various price segments [1] - The company has maintained a relatively healthy channel state during the current industry downturn, suggesting strong resilience [1] - Given the company's strong brand momentum and relatively low historical valuation, a "buy" rating is maintained [1]