WLY(SZ:000858) Guoxin Securities·2024-07-02 00:30Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [2][7] Core Views - The company is expected to achieve double-digit growth in core product sales in the first half of 2024, supported by a clear product planning strategy and strong market confidence [3][4] - The product matrix of the main brand is being enriched and improved, with a focus on the "1+3" product strategy, which is anticipated to contribute to price growth in the long term [5][6] - The company is advancing channel construction to enhance distributor profitability and is actively developing direct and emerging channels [6][7] Summary by Sections Business Performance - The company has implemented a strategy to control volume and maintain prices, leading to stable price increases and reasonable market inventory levels. Sales of core products are expected to achieve double-digit growth in the first half of 2024 [4][5] Product Strategy - The main brand's product matrix is being refined, with the eighth generation of Wuliangye focusing on price differentiation and market penetration. The company plans to launch new products and enhance the market presence of existing ones [5][6] Channel Development - The company is optimizing its distributor layout and enhancing the profitability of its distributors through a structured approach. It is also focusing on direct sales channels and expanding into new platforms like Douyin and Kuaishou [6][7] Financial Forecast - The company is projected to achieve revenues of 92.4 billion, 102.1 billion, and 112.9 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 11.0%, 10.4%, and 10.6% [7][9] - The expected earnings per share (EPS) for 2024, 2025, and 2026 are 8.72, 9.70, and 10.87 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 14.7, 13.2, and 11.8 [7][9]