Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is actively managing pressure and maintaining stability, with a focus on strategic adjustments to cope with market challenges [8] - Revenue for the first half of 2025 is expected to decline significantly, but the company is implementing measures to stabilize channels and optimize inventory [8] - The introduction of a new flagship product, "Da Zhen," aims to drive sales growth and enhance brand recognition [8] - The company anticipates a narrowing of revenue decline in the second half of 2025, supported by improved market conditions and new product contributions [8] Financial Summary - Total revenue for 2023 is projected at 7,060 million RMB, with a year-on-year growth of 20.56% [1] - The net profit attributable to the parent company for 2023 is expected to be 2,327 million RMB, reflecting a significant increase of 125.96% year-on-year [1] - Non-IFRS net profit for 2023 is forecasted at 1,623 million RMB, with a year-on-year growth of 35.52% [1] - The company’s earnings per share (EPS) for 2023 is estimated at 0.69 RMB, with a price-to-earnings (P/E) ratio of 13.11 [1] - The company’s financial metrics indicate a stable gross margin and effective cost management, with a gross profit margin of 58.63% for 2024 [9]
珍酒李渡（06979）：珍酒主动纾压，李渡保持稳健