顺鑫农业：更新报告白酒稳中求进，关注产品焕新-20250514

Investment Rating - The investment rating for the company is "Accumulate" [4] Core Views - The company achieved a revenue of 9.1 billion yuan in Q1 2025, representing a year-on-year increase of 14%, and a net profit attributable to shareholders of 231 million yuan, up 178% [1][2] - The company maintains its positioning in the mass liquor market, focusing on core products and enhancing brand advantages, while optimizing product structure through product renewal and channel development [1][2] - The white liquor business shows stable growth, while the pork business continues to reduce losses [1][2] Financial Summary - Revenue forecast for 2024 is 9.13 billion yuan, with a growth rate of 13.85%, and for 2025, it is projected at 8.60 billion yuan, with a growth rate of 5.78% [3] - The net profit attributable to shareholders is forecasted to be 231 million yuan in 2024, increasing to 293 million yuan in 2025, reflecting a growth rate of 26.89% [3] - Earnings per share are expected to be 0.31 yuan in 2024 and 0.40 yuan in 2025 [3] Product Strategy - The company focuses on core product adjustments to achieve product renewal, leveraging the brand advantage of Niulan Mountain and enhancing the classic Erguotou product series [2] - The company is expected to face revenue growth fluctuations due to the ongoing development of new products and the impact of the pork cycle [2] Market Catalysts - Potential catalysts include better-than-expected sales of new products, market expansion exceeding expectations, and improvements in the pork business profitability [2]