WLY(000858) 中国银河·2024-07-01 03:30Investment Rating - The investment rating for the company is "Recommended" (maintained) [2] Core Views - The company held a shareholder meeting on June 28, discussing its operational performance in 2023 and key initiatives for 2024 [2] - The core product, the eighth generation of Wuliangye, is being managed with a strategy of controlling volume and maintaining price. Sales and cash collection are in line with expectations, with a double-digit year-on-year growth during the recent Dragon Boat Festival [2] - The wholesale price of the eighth generation Wuliangye increased from 925 yuan to 940 yuan between March and April, stabilizing at 940 yuan in May and June, before slightly declining to 925 yuan on June 29 due to seasonal demand and the recent price drop of Moutai [2] - Other main products are also developing rapidly, with increased focus on Wuliangye 1618, 39-degree, 45-degree, and 68-degree variants, benefiting from banquet activities and promotional incentives [2] - The company is actively expanding into the 2000 yuan+ market by strengthening its vintage liquor series, which is expected to enhance brand image and lay a solid foundation for future growth [2] - The investment suggestion indicates that the company's product matrix strategy is effectively supporting growth, and the focus on the high-end market is seen as seizing opportunities amid challenges [2] Financial Summary - The company forecasts revenue growth rates of 12.58% for 2023, 11.00% for 2024, and 10.00% for 2025 and 2026 [6] - The projected diluted EPS for 2024, 2025, and 2026 is 8.81 yuan, 9.78 yuan, and 10.87 yuan respectively, with corresponding P/E ratios of 14.5, 13, and 12 times [6] - The gross profit margin is expected to remain stable, with projections of 75.79% for 2023, increasing to 76.00% in 2024 and 76.50% in 2026 [6]