山西汾酒：巩固成果，砥砺复兴

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][12] Core Views - The company is consolidating its achievements and is on a path of revitalization, with a focus on national channel consolidation and marketing innovation. The company has introduced a new product priced at 600 yuan, the "Qinghua Fenjiu 26·Revival Edition," with a suggested retail price of 718 yuan [2][3] - The company aims to achieve a revenue of 36.32 billion yuan in 2024, with a year-on-year growth of 13.75%. The net profit attributable to the parent company is projected to be 12.20 billion yuan, reflecting a year-on-year increase of 16.91% [1][12] Summary by Sections Revenue and Profit Forecast - Total revenue for 2022 was 26.21 billion yuan, with projections of 31.93 billion yuan for 2023, 36.32 billion yuan for 2024, 40.71 billion yuan for 2025, and 46.75 billion yuan for 2026. The year-on-year growth rates are 31.26%, 21.80%, 13.75%, 12.10%, and 14.83% respectively [1] - The net profit attributable to the parent company was 8.10 billion yuan in 2022, expected to rise to 10.44 billion yuan in 2023, 12.20 billion yuan in 2024, 13.68 billion yuan in 2025, and 15.79 billion yuan in 2026, with year-on-year growth rates of 52.36%, 28.93%, 16.91%, 12.06%, and 15.49% respectively [1] Product Strategy - The company is focusing on a four-pronged product strategy with its brands: Fenjiu, Zhuyeqing, and Xinghuacun. The Fenjiu brand includes strategic products like Glass Fenjiu and Laobai Fenjiu, which are aimed at achieving a scale of 10 billion yuan each. The company is also targeting the health wine market with Zhuyeqing and plans to expand Xinghuacun nationally by 2025-2026 [4][5] Market Expansion - The company is advancing its national expansion strategy, with a revenue distribution of 40% from the home province and 60% from outside. The average revenue in provincial markets exceeds 600 million yuan. The company plans to enhance its market presence in provinces like Henan and Shandong, leveraging its brand advantages to stimulate demand [5][12]