GUJING(SZ:000596) Changjiang Securities·2026-01-12 01:47Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - The company has opened its first "Gujing Liquor Shop" in Bozhou, Anhui Province, on December 12, 2025, marking its entry into the scattered liquor market. This transformation is seen as beneficial, as it allows the company to provide high-quality products at competitive prices to meet diverse consumer demands in a rational consumption environment [2][15]. - The new shop offers a variety of liquor options, including different types of Baijiu and local specialty wines, with flexible pricing starting from 2.9 yuan for 50ml to 29.9 yuan [6][15]. - The company aims to tap into the younger consumer demographic by lowering the barriers to purchase through community-based sales and offering unique low-alcohol products [2][15]. - The company has significantly increased its production capacity over the past decade, with output rising from 65,700 tons in 2014 to 128,000 tons in 2024, and plans to reach an annual capacity of 150,000 tons [18][23]. - The report anticipates that the company's earnings per share (EPS) will be 8.15 yuan and 8.44 yuan for 2025 and 2026, respectively, corresponding to price-to-earnings (PE) ratios of 17 and 16 times [23]. Summary by Sections Event Description - The opening of the "Gujing Liquor Shop" represents the company's first foray into the scattered liquor market, providing a range of products at flexible pricing [6][15]. Market Performance - The company is positioned as a leading Baijiu brand in Anhui, leveraging its strong brand recognition to innovate and connect with consumers [2][15]. Production Capacity - The company has expanded its production capacity significantly, which supports its entry into the scattered liquor market and aligns with consumer demand for high-quality products [18][23]. Consumer Demand - The report highlights a shift in consumer behavior towards rational consumption, with a growing preference for quality and brand over low prices in the liquor market [23].