山西汾酒（600809）：公司事件点评报告：业绩稳健韧性尽显，省外市场表现亮眼

Investment Rating - The report maintains a "Buy" investment rating for the company [9] Core Views - The company demonstrates robust performance with resilience, particularly highlighted by strong performance in markets outside its home province [4][5] - The company's revenue for Q1-Q3 2025 reached 32.924 billion yuan, reflecting a 5% year-on-year increase, while net profit attributable to shareholders was 11.405 billion yuan, up 0.5% year-on-year [4][5] - The company is effectively managing costs, with a gross margin increase of 0.3 percentage points to 74.63% in Q3 2025 [5] - The product matrix is diversified, with significant growth in direct sales through group purchases and e-commerce channels [6] - The company is expanding its distribution network outside its home province, with a notable 31% increase in revenue from these regions in Q3 2025 [7] Summary by Sections Financial Performance - For Q3 2025, total revenue was 8.960 billion yuan, a 4% increase year-on-year, while net profit decreased by 1% to 2.899 billion yuan [4][5] - The company reported a decrease in sales collections by 3% to 8.343 billion yuan, with contract liabilities increasing by 5% to 5.781 billion yuan [5] Product and Market Strategy - The company has established a multi-tiered product system, with revenue from its flagship products showing a 5% increase, while other alcoholic products saw a 29% decline [6] - The company is focusing on expanding its presence in southern markets, which is part of its national strategy [7] Earnings Forecast - The earnings per share (EPS) estimates for 2025-2027 have been adjusted to 9.95, 10.57, and 11.56 yuan respectively, with corresponding price-to-earnings (PE) ratios of 19, 18, and 17 [8]