百润股份：预调王者，国威领军

Investment Rating - The report gives a "Buy" rating for the company [2][3]. Core Views - The company has a strong foundation in flavor research from its origins in the flavor and fragrance business, which supports its growth in the ready-to-drink (RTD) alcohol segment [15]. - The RTD alcohol market in China is still in its growth phase, with significant potential for expansion driven by demographic and situational factors [18]. - The company has successfully created popular products that drive revenue growth, with a focus on product differentiation and market trends [19]. Summary by Sections Company Overview - The company started in 1997 with a focus on flavor and fragrance, which has provided a stable cash flow and experience in flavor research [15]. - The acquisition of Baokang Wine Industry in 2015 allowed the company to enter the RTD alcohol market, leading to significant revenue growth [17]. RTD Alcohol Industry - The RTD alcohol market in Japan serves as a model, with low tax rates and diverse flavors driving its popularity, which can be replicated in China [18]. - The penetration rate and per capita consumption of RTD alcohol in China have room for growth, with market expansion driven by new consumer demographics and situational usage [19]. Product Development and Marketing - The company has a proven track record in creating successful products that lead to revenue spikes, with a focus on clear product positioning and marketing strategies [19]. - The company plans to enhance its product offerings and marketing efforts for its "Refreshing" series in 2024, anticipating significant growth [19]. Financial Projections - The company is expected to achieve net profits of 800 million, 910 million, and 1.04 billion yuan for 2024, 2025, and 2026 respectively, with corresponding growth rates of -1.4%, +14.3%, and +13.6% [2][3]. - The current stock price corresponds to a price-to-earnings (PE) ratio of 29, 25, and 22 for the years 2024, 2025, and 2026 [2].