今世缘：十年磨一剑，百亿再出发

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 60.93 RMB, reflecting a 20x PE for 2024 [2][5][7]. Core Insights - The company has achieved significant growth, with revenue surpassing 10 billion RMB in 2023, marking a 321% increase from 2.4 billion RMB in 2014. The net profit attributable to the parent company grew by 383% to 3.14 billion RMB [3][4]. - The company is positioned as a benchmark brand in the Chinese liquor industry, benefiting from an expanding market and a diversified product matrix. The outlook for 2024-2026 shows continued earnings per share (EPS) growth, projected at 3.05, 3.68, and 4.37 RMB respectively [2][5][4]. Summary by Sections Revenue and Profit Growth - From 2014 to 2023, the company's revenue increased from 2.4 billion RMB to 10.1 billion RMB, while net profit rose from 650 million RMB to 3.14 billion RMB. The company has successfully navigated industry adjustments and upgraded its brand, products, and marketing strategies [3][4]. Product and Market Strategy - The company is expected to maintain strong performance in its key products, with particular growth anticipated in its premium offerings. The focus on both domestic and expanding provincial markets is expected to drive further growth, with a strategy of regional cultivation and product enhancement [4][5]. Financial Projections - The financial forecasts indicate a steady increase in revenue and net profit, with expected revenues of 12.36 billion RMB in 2024, 15.04 billion RMB in 2025, and 18.02 billion RMB in 2026. The net profit is projected to reach 3.82 billion RMB in 2024, 4.62 billion RMB in 2025, and 5.49 billion RMB in 2026 [6][12].