LAO BAI GAN JIU(SH:600559) Soochow Securities·2025-05-25 12:20Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is focusing on stabilizing its operations amid a challenging white liquor consumption environment, emphasizing consumer-centric strategies and maintaining price rigidity [7] - The company plans to achieve a revenue of 5.47 billion yuan in 2025, reflecting a 2.1% year-on-year growth, while controlling costs to improve profit margins [7] - The company is committed to long-term brand building and product upgrades, aiming to enhance quality and service [7] - The company is strengthening its channel construction and promoting its brand, with a focus on core products and effective market response [7] - Despite short-term revenue pressures, cost control measures are expected to improve net profit margins, with updated net profit forecasts for 2025-2027 being 880 million, 1 billion, and 1.18 billion yuan respectively [7] Financial Summary - Total revenue is projected to grow from 5.36 billion yuan in 2024 to 5.46 billion yuan in 2025, with a compound annual growth rate of 1.97% [8] - The net profit attributable to the parent company is expected to increase from 787 million yuan in 2024 to 880 million yuan in 2025, reflecting an 11.85% growth [8] - The earnings per share (EPS) is forecasted to rise from 0.86 yuan in 2024 to 0.96 yuan in 2025 [8] - The price-to-earnings (P/E) ratio is projected to decrease from 19.87 in 2024 to 17.77 in 2025 [8]