老白干酒：深度跟踪报告：四大边际改善，利好河北地产酒龙头

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 25.50 CNY per share [2][4]. Core Views - The company is expected to benefit from the issuance of special government bonds, which will stimulate demand in the Hebei liquor market due to increased investment in new projects [1][8]. - The competitive landscape for Hebei liquor is improving, with reduced competition from the mid-to-low end segment, particularly from the competitor Congtai [1][11]. - The company is focusing on cost reduction and efficiency improvements, which presents significant potential for profit margin enhancement [1][18]. - Wuling liquor is leading high-end growth and is expected to expand its market presence throughout the province [1][19]. Financial Forecast and Investment Recommendations - The company’s earnings per share are projected to be 0.91, 1.18, and 1.45 CNY for the years 2024 to 2026, respectively [2][27]. - The estimated equity value of the company is 233.31 billion CNY, corresponding to the target price of 25.50 CNY per share [2][27]. Financial Information - The company's revenue for 2023 is projected to be 5,257 million CNY, with a year-on-year growth of 13% [3]. - The net profit attributable to the parent company for 2023 is expected to be 666 million CNY, reflecting a year-on-year decrease of 5.9% [3]. - The gross margin for 2023 is estimated at 67.2%, while the net margin is projected to be 12.7% [3].