百润股份：威士忌战略新品发布，新曲线渐入正轨

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has launched two new whiskey products, "Lai Zhou Single Malt Whiskey" and "Bailide Blended Whiskey," both priced at CNY 399, marking a significant step in its whiskey strategy [2][3] - The company aims to create a unique Chinese whiskey experience, blending local flavors and culture, and plans to expand its product offerings to meet diverse consumer needs [3][4] - The company has established a strong production capacity in the whiskey sector, with a distillery capable of producing 400,000 barrels, and is focusing on local operations and innovative marketing strategies [4] Financial Forecast and Valuation - The company expects total revenue to be CNY 32.4 billion in 2024, with a slight decline of 1% year-on-year, followed by growth of 14% and 13% in the subsequent years [5] - The projected net profit for 2024 is CNY 7.8 billion, reflecting a decrease of 4% year-on-year, with anticipated growth of 15% and 14% in the following years [5] - The price-to-earnings (P/E) ratio is projected to be 32, 28, and 25 for the years 2024, 2025, and 2026, respectively [5]