百润股份：威士忌创世之作，新意十足

Investment Rating - The report maintains a "Recommended" rating for the company [5]. Core Viewpoints - The launch of the "Shengzhou" single malt whisky and "Bailede" blended whisky marks a significant innovation, with both products priced at CNY 399 and limited to 20,000 bottles [2][3]. - The dual-brand strategy establishes a clear business framework, allowing for differentiation between single malt and blended whiskies, which can reduce risk and trial costs [2]. - The innovative product features, such as the use of eight different barrel types in the "Shengzhou" single malt whisky, highlight the company's competitive edge and potential for market expansion [3]. - The pricing strategy targets the mass market, appealing to younger consumers, and is positioned as a value-for-money option compared to competitors [3]. Financial Projections - The projected revenue for 2024 is CNY 3,218.40 million, reflecting a slight decline of 1.39% from the previous year, with expected growth rates of 12.53% and 15.30% in 2025 and 2026, respectively [12]. - The estimated diluted EPS for 2024 is CNY 0.71, with projections of CNY 0.86 and CNY 1.00 for 2025 and 2026 [12]. - The P/E ratios for the years 2024, 2025, and 2026 are projected to be 34, 28, and 24, respectively, indicating a potential increase in valuation as new products are launched [4][12].