西部证券晨会纪要-20250725

Group 1 - The core conclusion of the report highlights the innovative approach of the company, Liuliu Guoyuan, focusing on the "Plum+" strategy to expand its product matrix and adapt to changes in products and channels [1][4] - The plum industry shows stable growth in traditional products, while natural jelly is emerging as a strong segment, with Liuliu Guoyuan holding a leading market share of 45.7% in the natural jelly category [4][5] - The company is actively pursuing new product development, with successful launches such as crispy green plums, seedless western plums, plum jelly, and electrolyte smoothies, indicating a high success rate in recent years [4][5] Group 2 - The report emphasizes the growth potential in traditional distribution channels for existing products, with the company focusing on deepening market penetration and enhancing terminal services [5] - New products are expected to drive revenue growth, particularly the collaboration with Sam's Club on seedless western plums and the introduction of electrolyte smoothies, which are positioned as new flagship products [5] - The North Exchange market is experiencing fluctuations, with a focus on companies with technical barriers and order elasticity, indicating a long-term investment strategy in specialized and innovative enterprises [1][7][9]