WLY(000858) 国金证券·2024-12-20 00:23Investment Rating - The report maintains a "Buy" rating for Wuliangye (000858 SZ) with a current PE valuation of 17 1x for 2024 15 9x for 2025 and 14 6x for 2026 [2] Core Views - Wuliangye has defined 2024 as the "Year of Marketing Execution" focusing on product innovation channel optimization and market expansion [2] - Product innovation includes the launch of 45-degree and 68-degree Wuliangye as well as the Classic Wuliangye series and over ten cultural products [2] - Channel optimization saw the addition of 138 specialty stores 5 experience stores and 490 He Mei collection stores with a 18 2% YoY increase in terminal outlets [2] - Market expansion efforts included nearly 30 000 banquet events serving over 6 million people with a 30% YoY growth in banquet activities [2] - For 2025 the company plans to enhance marketing execution with a focus on product sales channel quality and service capabilities [2] - Product strategy will emphasize balanced pricing and ensuring reasonable profits for distributors [2] - Channel strategy will focus on selecting and supporting high-quality dealers with plans to add over 120 specialty stores [2] - The company will also optimize channel investments and strengthen supervision to prevent policy discounting [2] - Wuliangye has announced a cash dividend payout ratio of no less than 70% from 2024 to 2026 with a minimum of RMB 20 billion in dividends [2] Financial Projections - Revenue is expected to grow by 7 6% in 2024 7 0% in 2025 and 8 0% in 2026 reaching RMB 89 627 million RMB 95 893 million and RMB 103 535 million respectively [2][5] - Net profit attributable to shareholders is projected to increase by 8 0% in 2024 7 5% in 2025 and 9 0% in 2026 reaching RMB 32 619 million RMB 35 063 million and RMB 38 227 million respectively [2][5] - EPS is forecasted to be RMB 8 40 in 2024 RMB 9 03 in 2025 and RMB 9 85 in 2026 [2][5] Market Sentiment - Market sentiment is positive with 6 "Buy" ratings in the past week 17 in the past month and 220 in the past six months [13] - The overall market rating score is 1 14 for the past week 1 11 for the past month and 1 01 for the past six months indicating a strong "Buy" consensus [13]