WLY(000858) 华鑫证券·2024-11-29 04:08Investment Rating - The report maintains a "Buy" investment rating for Wuliangye [1][5] Core Views - Wuliangye has announced a mid-term profit distribution plan, proposing a cash dividend of 25.76 yuan per 10 shares, totaling 10 billion yuan for all shareholders, which is expected to boost shareholder confidence and enhance long-term returns [3][4] - The company has committed to a shareholder return plan for 2024-2026, ensuring that annual cash dividends will account for no less than 70% of the net profit attributable to shareholders, with a minimum of 20 billion yuan each year [4] - The company is expected to maintain its pricing strategy and restore channel confidence, with projected EPS for 2024-2026 at 8.49, 8.99, and 9.98 yuan respectively, corresponding to PE ratios of 17, 16, and 14 times [5][7] Summary by Sections Market Performance - Wuliangye's stock price has fluctuated between 107.69 and 164.05 yuan over the past 52 weeks, with an average daily trading volume of approximately 2890.99 million yuan [1][2] Financial Forecast - The forecast for Wuliangye's main revenue is projected to grow from 83,272 million yuan in 2023 to 103,724 million yuan in 2026, with growth rates of 12.6%, 7.7%, 5.0%, and 10.1% respectively [7] - The net profit attributable to shareholders is expected to increase from 30,211 million yuan in 2023 to 38,720 million yuan in 2026, with growth rates of 13.2%, 9.1%, 5.9%, and 10.9% respectively [7] - The diluted EPS is projected to rise from 7.78 yuan in 2023 to 9.98 yuan in 2026 [7]