WLY(000858) 东吴证券·2025-03-27 10:56Investment Rating - The report maintains a "Buy" rating for Wuliangye [1] Core Views - Wuliangye is undergoing significant marketing reforms to enhance operational efficiency and adapt to market changes. The company has initiated a series of structural changes, including the establishment of specialized sales companies to improve channel management and optimize pricing strategies [7][10] - The company is expected to achieve revenue growth, with total revenue projected to reach RMB 94.26 billion in 2025, reflecting a year-on-year increase of 6.17% [1] - The net profit attributable to the parent company is forecasted to be RMB 34.29 billion in 2025, with a growth rate of 6.06% [1] Financial Projections - Total revenue (in million RMB) for the years 2022 to 2026 is projected as follows: 73,969 (2022), 83,272 (2023), 88,780 (2024), 94,260 (2025), and 103,836 (2026) [1] - Net profit attributable to the parent company (in million RMB) is expected to be: 26,690 (2022), 30,211 (2023), 32,327 (2024), 34,285 (2025), and 38,347 (2026) [1] - The latest diluted EPS is projected to increase from RMB 6.88 in 2022 to RMB 9.88 in 2026 [1] - The P/E ratio is expected to decrease from 19.47 in 2022 to 13.55 in 2026, indicating a potential increase in valuation attractiveness [1] Market Data - The closing price of Wuliangye is reported at RMB 133.90, with a market capitalization of approximately RMB 519.74 billion [5] - The company has a price-to-book ratio of 3.81 and a net asset value per share of RMB 35.13 [5][6]