Investment Rating - The report maintains an "Accumulate" rating for the company [2][4]. Core Viewpoints - The establishment of the new "Zhen San Shi" division is expected to enhance resource allocation towards terminal construction and service, thereby improving channel layout and organizational efficiency, which may unlock growth potential [4]. - The company anticipates adjusted EPS of 0.59 CNY, 0.73 CNY, and 0.89 CNY for the years 2024-2026, with a target price set at 12.6 HKD based on a 20X PE for 2024 [4]. - The "Zhen Jiu" brand strategy has been upgraded with the addition of the "Zhen San Shi" division, focusing on expanding distribution channels and enhancing market presence [4]. - The company achieved approximately 4.6 billion CNY in revenue from the "Zhen Jiu" brand in 2023, contributing about two-thirds of total revenue, with "Zhen San Shi" expected to generate around 1 billion CNY [4]. - The company is implementing a dual-channel growth strategy, actively expanding its network and enhancing its operational efficiency, which is expected to yield positive results in the second half of 2024 [4]. Financial Summary - The company reported a revenue of 5,856 million CNY in 2022, with projections of 7,030 million CNY for 2024, reflecting a growth rate of 20% [5]. - The net profit for 2022 was 1,197 million CNY, with an expected increase to 1,623 million CNY in 2024, indicating a growth rate of 36% [5]. - The PE ratio is projected to decrease from 26.73 in 2022 to 19.73 in 2024, suggesting improved valuation metrics [5].
珍酒李渡：更新报告：战略升级，发力珍三十