WLY(SZ:000858) Huachuang Securities·2025-08-28 04:44Investment Rating - The report maintains a "Strong Buy" rating for Wuliangye [2][6] Core Views - The company demonstrated resilience in its financial performance, with H1 2025 revenue of 52.77 billion yuan, a year-on-year increase of 4.2%, and a net profit of 19.49 billion yuan, up 2.3% [2][6] - The target price is set at 215 yuan, reflecting confidence in the company's growth potential and dividend support [2][6] - The report highlights the company's strategic focus on enhancing marketing execution and operational efficiency, which is expected to drive future growth [6] Financial Summary - Revenue and Profit Forecasts: - Total revenue for 2024 is projected at 89.175 billion yuan, with a decline of 5.1% in 2025 to 84.646 billion yuan, followed by a recovery to 87.270 billion yuan in 2026 and 93.496 billion yuan in 2027 [2][9] - Net profit is forecasted to decrease from 31.853 billion yuan in 2024 to 28.723 billion yuan in 2025, before rising to 29.357 billion yuan in 2026 and 31.940 billion yuan in 2027 [2][9] - Earnings Per Share (EPS): - EPS is expected to be 8.21 yuan in 2024, decreasing to 7.40 yuan in 2025, then slightly increasing to 7.56 yuan in 2026 and 8.23 yuan in 2027 [2][9] - Valuation Ratios: - The price-to-earnings (P/E) ratio is projected at 15 for 2024, increasing to 17 for 2025 and 2026, and returning to 15 in 2027 [2][9] - The price-to-book (P/B) ratio is expected to decrease from 3.7 in 2024 to 3.1 in 2027 [2][9] Market Performance - The report notes that Wuliangye's stock price has shown resilience compared to the CSI 300 index, with a notable performance over the past 12 months [5][6]