海特真露：韩流佐酒，海特真露的确定性与可能性

Investment Rating - The report initiates coverage with an OUTPERFORM rating, setting a target price of ₩22,000, while the current price is ₩17,970 [2]. Core Insights - Hite Jinro's strong market position in the soju segment, with nearly 70% market share, provides a solid foundation for stable cash flow and profit growth, even amidst industry challenges [4][7]. - The company is expected to implement a 5% price increase in the soju segment in Q2 2026, which, combined with economies of scale, could push operating profit margins (OPM) closer to 13% [4]. - The overseas expansion strategy, particularly with the upcoming Vietnam factory and entry into the Indian market, is anticipated to drive significant revenue growth, overcoming domestic market saturation [5][30][33]. - The report highlights the defensive characteristics of the essential consumer sector, suggesting that Hite Jinro could attract new capital as the market seeks balanced valuations [6]. Summary by Sections Company Overview - Hite Jinro's revenue structure is heavily reliant on soju, contributing approximately 58% of total revenue, while beer contributes about 32% [27]. - The company has a strong brand presence, with "Chamisul" and "Chamisul" accounting for over 90% of soju revenue [29]. Financial Performance - Revenue projections for 2025-2027 are estimated at ₩25,960 billion, ₩26,580 billion, and ₩27,340 billion, with net profits of ₩1,060 billion, ₩1,230 billion, and ₩1,290 billion respectively [41]. - The report anticipates a stable operating profit margin for soju at 12-13%, while beer margins are expected to remain under pressure at 2.5-3% [36][37]. Market Dynamics - The Korean alcohol market is characterized by a unique dominance of soju, which accounts for 42% of the market, contrasting with global trends where beer typically holds a larger share [8]. - The beer market is facing challenges, with a projected decline in sales due to consumer preference shifts towards lower-priced products [14][15]. Strategic Initiatives - The establishment of a production facility in Vietnam is expected to enhance competitiveness in Southeast Asia by reducing supply costs and avoiding import tariffs [32]. - The entry into the Indian market represents a significant growth opportunity, despite regulatory challenges and the need for consumer education [33].