WLY(SZ:000858) NORTHEAST SECURITIES·2025-04-28 06:16Investment Rating - The report maintains a "Buy" rating for the company, with a 6-month target price of 173.1 CNY, compared to the closing price of 129.05 CNY on April 25, 2025 [5]. Core Insights - The company achieved a revenue of 89.175 billion CNY in 2024, representing a year-on-year growth of 7.09%, and a net profit of 31.853 billion CNY, up 5.44% year-on-year. For Q1 2025, revenue was 36.940 billion CNY, with a growth of 6.05%, and a net profit of 14.860 billion CNY, growing by 5.80% [2][3]. - The core product, the eighth-generation "Pu Wu," generated 67.875 billion CNY in revenue, accounting for 76.11% of total revenue, with an 8.07% year-on-year increase. Other liquor products contributed 15.251 billion CNY, representing 17.10% of total revenue, with an 11.79% increase [2]. - The company is focusing on continuous product innovation and brand enhancement, launching new products and optimizing channel structures, including expanding its direct sales and e-commerce presence [3]. Financial Summary - The company forecasts earnings per share (EPS) of 8.79 CNY, 9.52 CNY, and 10.51 CNY for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (PE) ratios of 15X, 14X, and 12X [3]. - Revenue is projected to grow from 89.175 billion CNY in 2024 to 95.317 billion CNY in 2025, with a growth rate of 6.89% [4]. - The net profit is expected to increase from 31.853 billion CNY in 2024 to 34.104 billion CNY in 2025, reflecting a growth rate of 7.07% [4].