LZLJ(000568) 东吴证券·2025-03-04 00:23Investment Rating - The report maintains a "Buy" rating for Luzhou Laojiao [1] Core Views - The company is focusing on mechanism innovation and meticulous growth strategies to achieve breakthroughs in 2025 [8] - The company has successfully implemented digital innovation in 2024, leading to significant growth in its core products and consumer engagement [8] - Luzhou Laojiao is adapting its sales strategies to market changes through six major mindset shifts, emphasizing consumer-centric approaches and profit maintenance [8] Financial Projections - Total revenue is projected to grow from 30,233 million RMB in 2023 to 33,557 million RMB in 2026, with a compound annual growth rate (CAGR) of approximately 10.23% [1][9] - Net profit attributable to shareholders is expected to increase from 13,246 million RMB in 2023 to 14,877 million RMB in 2026, reflecting a CAGR of about 11.91% [1][9] - The earnings per share (EPS) is forecasted to rise from 9.00 RMB in 2023 to 10.11 RMB in 2026 [1][9] Market Position and Strategy - Luzhou Laojiao's flagship product, Guojiao 1573, is expected to maintain a strong market presence, with the brand's revenue surpassing 20 billion RMB [8] - The company plans to enhance its market penetration through targeted strategies in various regions, focusing on both high-end and mid-range products [8] - The digital transformation initiatives have positioned the company ahead of its competitors in terms of consumer engagement and data utilization [8]