研报掘金丨方正证券：予水井坊“推荐”评级，持续推动既定战略的有序落地

Core Viewpoint - Water Margin is expected to face significant declines in revenue and net profit in 2025, reflecting broader industry challenges while maintaining a long-term strategic focus [1] Financial Projections - Projected revenue for 2025 is 3.038 billion yuan, a 42% decrease year-on-year [1] - Expected net profit attributable to shareholders for 2025 is 392 million yuan, a 71% decrease year-on-year [1] - For Q4 2025, net profit is anticipated to be 66 million yuan, down 69.52% year-on-year [1] Strategic Approach - The company is committed to long-termism, implementing steady operational measures to stabilize its fundamentals and boost channel confidence [1] - Water Margin aims to ensure the orderly execution of its established strategies for healthy brand development [1] Future Outlook - Revenue projections for 2025-2027 are 3.017 billion yuan, 3.176 billion yuan, and 3.552 billion yuan respectively [1] - Net profit projections for the same period are 392 million yuan, 395 million yuan, and 445 million yuan respectively [1] - Price-to-earnings ratios for 2025-2027 are expected to be 48.42, 47.99, and 42.61 times respectively [1] - The company has been given a "recommended" rating [1]