金徽酒深度报告：陇酒龙头，踔厉奋发再起航

Investment Rating - The report gives a "Buy" rating for the company, Jin Hui Jiu [103]. Core Viewpoints - Jin Hui Jiu is positioned as a leading brand in the liquor industry in Gansu, with significant growth potential in both domestic and provincial markets. The company has successfully initiated a "second entrepreneurship" phase, enhancing its product mix and market presence [14][42][76]. Company Overview - Jin Hui Jiu originates from the Longnan Chun Distillery in Gansu, with a history tracing back to the Ming and Qing dynasties. The company has inherited traditional brewing techniques and possesses well-preserved historical brewing facilities [9][22]. - The company has a comprehensive product layout across various price ranges, adapting its strategy to local market conditions [25][82]. Market Position - The Gansu liquor market is estimated to be worth 80-90 billion yuan, with Jin Hui Jiu holding approximately 25% market share, which is lower than other regional leaders [38][48]. - The company has seen a significant increase in the proportion of high-end products, with over 60% of revenue expected to come from products priced above 100 yuan in 2023 [42][76]. Financial Performance - Jin Hui Jiu's revenue has shown a compound annual growth rate that outpaces competitors like Hong Chuan and Bin He, indicating effective channel management and product profitability [77][98]. - The company's current PE-TTM is 25 times, which is relatively low compared to historical levels, suggesting potential for future growth [103]. Strategic Initiatives - The company has implemented a refined channel management strategy, transitioning from "deep distribution" to a dual approach that includes "deep distribution + major client operations," enhancing its market penetration [61][89]. - Jin Hui Jiu is focusing on expanding its presence in provincial markets, particularly in regions like Shaanxi and Inner Mongolia, where it aims to increase market share through targeted strategies [100][102].