Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is actively responding to industry adjustments by transforming its strategies, focusing on nurturing enterprise customer structures and launching new products in the mid-to-high price range to create incremental growth [8] - The company aims to maintain price stability for existing products while introducing high-quality new products priced between 500-600 RMB to attract consumers [8] - The company is implementing a dual-driven strategy for national expansion and price range diversification, with a focus on experiential marketing to drive steady revenue growth [8] - The financial forecasts for the company indicate a stable performance in 2025, with slight adjustments to the non-IFRS net profit predictions for 2025-2027 [8] Financial Summary - Total revenue forecast for 2023A is 7,060 million RMB, with a projected growth of 20.56% [1] - The net profit attributable to the parent company for 2023A is 2,327 million RMB, showing a significant increase of 125.96% year-on-year [1] - Non-IFRS net profit for 2023A is 1,623 million RMB, reflecting a year-on-year growth of 35.52% [1] - The earnings per share (EPS) for 2023A is 0.69 RMB, with a projected P/E ratio of 9.03 [1] - The company expects to achieve a non-IFRS net profit of 1,431 million RMB in 2025E, with a corresponding P/E ratio of 14.69 [1]
珍酒李渡：转变思路积极应对，厚积薄发砥砺前行-20250519