Shanxi Xinghuacun Fen Wine Factory (600809) 华鑫证券·2024-12-04 02:19Investment Rating - The report maintains a "Buy" rating for Shanxi Fenjiu (600809.SH) [1] Core Views - The company is entering the second phase of its revitalization program, focusing on comprehensive development and management upgrades, with the first phase successfully completed [1] - The company aims to establish itself as a globally influential liquor brand, with strategic initiatives centered around fairness, scientific management, and enhancing brand value [1][3] - The company plans to enhance its product matrix and has launched the Qinghua 26 revitalization version, priced at 718 RMB per bottle, to meet consumer demand [1] Summary by Sections Company Overview - As of December 3, 2024, the current stock price is 200.16 RMB, with a total market capitalization of 244.2 billion RMB and a total share capital of 1.22 billion shares [1] - The company has completed its 2023 annual revenue targets for its key product lines, including Qinghua, Laobai Fen, and Glass Fen [1] Financial Performance - The company forecasts a revenue of 36.77 billion RMB for 2024, with a growth rate of 15.2% [5] - The projected net profit for 2024 is 12.26 billion RMB, reflecting a growth rate of 17.4% [5] - The expected EPS for 2024 is 10.05 RMB, with corresponding PE ratios of 20, 18, and 16 for 2024, 2025, and 2026 respectively [3][5] Strategic Focus - The company is focusing on three main areas: national expansion, targeting younger consumers, and internationalization [1] - The nationalization strategy aims to achieve a revenue ratio of 4:6 between Shanxi and other provinces by 2025 [1] - The company plans to evolve its marketing strategy to attract younger consumers, with over 50% of Glass Fen's consumption coming from those born in the 1980s and 1990s [1] Product Development - The company is set to break through the 10 billion RMB target for several product lines, including the Glass Fen series and the Laobai Fen series [1] - The product structure is being adjusted to maintain stable growth across all price segments [3]