LZLJ(000568) Soochow Securities·2025-03-04 19:02Investment Rating - The investment rating for Luzhou Laojiao is "Buy" (maintained) [1] Core Views - The report emphasizes the company's innovative mechanisms and strategic focus on growth, particularly through digital transformation and market penetration strategies [8] - Luzhou Laojiao's core product, Guojiao 1573, remains strong, with annual sales exceeding 400 million bottles and a significant increase in consumer engagement [8] - The company has outlined six strategic shifts to adapt to market changes, focusing on regional market development, consumer-centric approaches, and enhancing profitability through pricing strategies [8] Financial Summary - Total revenue projections for Luzhou Laojiao are as follows: - 2022: 25,124 million RMB - 2023: 30,233 million RMB (20.34% YoY growth) - 2024: 30,300 million RMB (0.22% YoY growth) - 2025: 30,443 million RMB (0.47% YoY growth) - 2026: 33,557 million RMB (10.23% YoY growth) [1][9] - Net profit attributable to shareholders is projected as follows: - 2022: 10,365 million RMB - 2023: 13,246 million RMB (27.79% YoY growth) - 2024: 13,256 million RMB (0.07% YoY growth) - 2025: 13,294 million RMB (0.28% YoY growth) - 2026: 14,877 million RMB (11.91% YoY growth) [1][9] - The report adjusts the net profit forecast for 2024-2026 to 133 billion RMB, 133 billion RMB, and 149 billion RMB respectively, maintaining a PE ratio of 14/14/12X [8]