研报掘金丨东吴证券：维持山西汾酒“买入”评级，均衡发力空间广阔

Core Viewpoint - The report from Dongwu Securities highlights the deepening nationalization of Shanxi Fenjiu, indicating a broad space for balanced development and growth in the market for its clear aroma liquor products [1] Group 1: Market Position and Growth Potential - Fenjiu is leading the revival of the clear aroma liquor trend, with significant growth potential in market share [1] - The company benefits from product differentiation, national expansion, and a multi-price product strategy, positioning it as a standout among large liquor enterprises with revenues exceeding 20 billion [1] - The long-term revenue visibility for the company is projected to reach 60 to 70 billion, indicating strong growth prospects [1] Group 2: Financial Projections - The expected net profit for the company from 2025 to 2027 is projected to be 12.25 billion, 12.42 billion, and 13.72 billion, reflecting year-on-year growth of 0%, 1%, and 10% respectively [1] - Corresponding price-to-earnings ratios (PE) for these years are estimated at 17, 17, and 16 times [1] - The report maintains a "buy" rating for the company, reflecting confidence in its financial outlook [1]