老白干酒：冀酒龙头一树三香，国改见效势能释放

Investment Rating - The report initiates coverage with a "Buy" rating for the company [1]. Core Views - The company, as a leading player in the Hebei liquor market, is experiencing significant internal reform driven by stock incentives, leading to improved management efficiency, product structure upgrades, and cost-effectiveness optimization. This positions the company for continued performance improvement and market share growth, with expected diluted EPS of 0.9, 1.1, and 1.3 CNY for 2024-2026, respectively [1][3]. Summary by Sections Company Overview - The company has over 2000 years of brewing history and is recognized in North China. It was established in 2001 and has expanded its product range through acquisitions, including the purchase of Fenglian Liquor in 2018, which diversified its offerings into various flavor profiles [2][19]. Financial Performance - The company reported revenues of 4,653 million CNY in 2022, with a growth rate of 15.5%. For 2023, revenues increased to 5,257 million CNY, reflecting a 13% growth. The projected revenues for 2024, 2025, and 2026 are 5,603 million CNY, 6,173 million CNY, and 6,782 million CNY, respectively [5][39]. Product Structure and Market Position - The company has successfully diversified its product offerings, with high-end liquor sales growing at a CAGR of 17% from 2018 to 2023, while mid-range and low-end liquor sales grew at 8% and declined by 2%, respectively. High-end liquor now accounts for 51% of total revenue [3][42]. Management and Governance - The management team has remained stable, with key personnel retaining their positions through recent board transitions. The company has implemented stock incentive plans to enhance internal motivation and performance [3][25][32]. Brand and Market Strategy - The company operates multiple brands, including Hengshui Laobai Gan, Wuling Liquor, and others, which contribute to a diversified revenue stream. The strategic focus on regional brands supports a nationwide expansion strategy [19][33]. Profitability and Cost Management - The company has seen a significant increase in profitability, with a net profit of 666 million CNY in 2023, down from 708 million CNY in 2022, but expected to rebound with a projected profit of 853 million CNY in 2024. The company has also successfully reduced its sales expense ratio, contributing to improved margins [5][39].