WLY(SZ:000858) Huachuang Securities·2025-12-22 02:13Investment Rating - The report maintains a "Strong Buy" rating for Wuliangye with a target price of 215 yuan [1] Core Views - The company held a conference to review its achievements and shortcomings for 2025 and to plan for 2026, introducing a new zodiac-themed product [1] - The company aims to solidify its leading position in the 1,000 yuan price range and enhance its marketing strategies, focusing on product promotion and channel optimization [5] - The report suggests that the company is on the right path to reversing its current challenges by adopting a flexible strategy to boost sales and market share [5] Financial Summary - Total revenue projections for 2024A, 2025E, 2026E, and 2027E are 89,175 million, 72,234 million, 72,533 million, and 77,794 million respectively, with a year-on-year growth rate of 7.1%, -19.0%, 0.4%, and 7.3% [1] - Net profit attributable to shareholders is forecasted at 31,853 million, 23,507 million, 23,882 million, and 26,317 million for the same years, with growth rates of 5.4%, -26.2%, 1.6%, and 10.2% [1] - Earnings per share (EPS) are projected to be 8.21, 6.06, 6.15, and 6.78 yuan for 2024A, 2025E, 2026E, and 2027E respectively [1] Market Performance - The company has seen a significant increase in its marketing activities, with over 20,000 tasting events held and a digital membership base exceeding 30 million [5] - The company plans to enhance its market presence by targeting specific regions and demographics, including younger consumers and international markets [5] Strategic Initiatives - The company is focusing on improving its channel partnerships and expanding its retail presence, with plans to add new specialty stores while eliminating underperforming ones [5] - A performance evaluation system will be implemented to enhance operational efficiency and accountability within the organization [5]