WLY(000858) 国信证券·2024-12-22 13:01Investment Rating - The investment rating for Wuliangye (000858.SZ) is "Outperform the Market" (maintained) [1][4][17]. Core Views - The report emphasizes that Wuliangye is rationally adjusting its operational pace to enhance marketing execution, with a focus on maintaining strong relationships with distributors and improving product and channel management [1][17]. - The company is expected to achieve steady revenue growth, with projected total operating revenue of 89.168 billion, 96.555 billion, and 104.337 billion yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of +7.1%, +8.3%, and +8.1% [1][17]. - The net profit attributable to the parent company is forecasted to be 32.669 billion, 35.858 billion, and 39.498 billion yuan for the same years, with year-on-year growth rates of +8.1%, +9.8%, and +10.2% [1][17]. Summary by Sections Company Overview - Wuliangye is focusing on enhancing its marketing execution capabilities and maintaining strong distributor relationships, which are crucial for navigating the competitive landscape of the liquor industry [1][17]. Financial Projections - The report maintains revenue and profit forecasts, projecting total operating revenue of 89.168 billion yuan in 2024, 96.555 billion yuan in 2025, and 104.337 billion yuan in 2026, with corresponding net profits of 32.669 billion yuan, 35.858 billion yuan, and 39.498 billion yuan [1][17]. Market Position - Wuliangye is positioned as the leading brand in the 1,000 yuan price segment, with expectations for price increases as economic activity picks up, which will further enhance its market share [2][17]. Strategic Initiatives - The company plans to continue optimizing its product portfolio and expanding its market presence, particularly in underdeveloped markets and through new product launches [1][17].