百润股份：威士忌起航加速，贡献成长新动能-20250221

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is accelerating its entry into the whisky market, which is expected to contribute to new growth momentum [1] - The whisky business is progressing well with a diversified channel strategy, and the company anticipates significant revenue contributions from this segment [8] - The pre-mixed beverage segment is still in a growth phase, with potential for further market penetration [8] Financial Projections - Total revenue is projected to be 3,264 million in 2023, 3,197 million in 2024, 3,754 million in 2025, and 4,349 million in 2026, with year-on-year growth rates of 25.85%, -2.06%, 17.44%, and 15.86% respectively [1][11] - Net profit attributable to the parent company is expected to be 809 million in 2023, 719 million in 2024, 827 million in 2025, and 1,004 million in 2026, with year-on-year growth rates of 55.28%, -11.15%, 14.94%, and 21.48% respectively [1][11] - The latest diluted EPS is forecasted to be 0.77 in 2023, 0.69 in 2024, 0.79 in 2025, and 0.96 in 2026 [1][11] Market Data - The closing price of the company's stock is 25.65 yuan, with a market capitalization of 26,916.31 million [6] - The price-to-earnings ratio (P/E) is projected to be 33.25 for 2023, 37.43 for 2024, 32.56 for 2025, and 26.80 for 2026 [1][11]