研报掘金丨开源证券：维持山西汾酒“买入”评级，产品结构和估值都有弹性

Core Viewpoint - Shanxi Fenjiu has maintained a unique market performance in 2025 despite the industry's deep adjustment period, with profit forecasts for 2025-2027 remaining intact [1] Financial Performance - In the first three quarters of 2025, revenue from Fenjiu and other liquor categories reached 3.217 billion and 65 million yuan respectively, showing year-on-year changes of +5.5% and -15.9% [1] - Domestic revenue for the same period was 1.101 billion yuan, down 7.5% year-on-year, while revenue from outside the province was 2.181 billion yuan, up 12.7% year-on-year [1] Market Dynamics - The high base in domestic sales has led to significant inventory pressure, while the external market remains relatively healthy with substantial growth potential [1] - The secondary high-end Qinghua series has outperformed the industry, attributed to its unique flavor profile and high consumer loyalty, which is expected to continue [1] Strategic Outlook - With a well-structured product lineup and a healthy national distribution strategy, Fenjiu's market performance is significantly better than the industry average [1] - As the industry improves, both product structure and valuation are expected to have upward flexibility, maintaining a "buy" rating [1]