今世缘：坚持品质主义，延续高势能发展

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 45.60 [1][2][5] Core Views - The company has launched 20,000 tons of new production capacity, increasing total capacity to approximately 60,000 tons, which supports long-term development through a commitment to quality [2][3] - The company is expected to achieve steady growth with a focus on upgrading its core products and expanding its market presence both domestically and internationally under its "Three Focus" strategy [2][4] - Earnings per share (EPS) forecasts for 2024-2026 are projected at RMB 3.04, RMB 3.64, and RMB 4.31 respectively, with a reference price-to-earnings (PE) ratio of 15x for 2024 [2][7] Summary by Sections Production Capacity and Strategy - The company has successfully completed a significant technological upgrade, resulting in a total production capacity increase from 38,000 tons to approximately 60,000 tons [3] - The "Three-Step" strategic goal emphasizes scaling production, technological upgrades, and enhancing raw liquor capacity, aiming for a "Double Hundred Billion Era" by 2035 [3] Market Performance - The company has maintained a steady performance in its core product, Guoyuan Si Kai, which has shown competitive strength in the mid-to-high-end market [4] - New high-end products, such as the RMB 1,000 strategic product "Guoyuan 2049," have been introduced to further enhance the company's high-end market positioning [4] Financial Projections - Revenue forecasts for the company are projected to grow from RMB 10,100 million in 2023 to RMB 18,083 million by 2026, reflecting a compound annual growth rate (CAGR) of approximately 19% [7][12] - The net profit attributable to the parent company is expected to increase from RMB 3,136 million in 2023 to RMB 5,401 million by 2026, with a similar CAGR of around 18% [7][12]