Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company is expected to face significant revenue decline in 2025, with projected revenue between 3.55 billion to 3.70 billion RMB, representing a year-on-year decrease of 47.7% to 49.8% [7] - The company is actively reducing inventory to alleviate channel pressure and is focusing on promoting banquet scenarios to drive sales growth [7] - The "Wanshang Alliance" model is being promoted to reshape the channel ecosystem, with approximately 4,000 alliance merchants signed, and over 2,500 showing better-than-expected sales performance [7] Financial Forecasts - Projected revenue for 2024 is 7,067 million RMB, with a growth rate of 0.5%. For 2025, revenue is expected to drop to 3,625 million RMB, a decrease of 48.7% [2] - Adjusted net profit is forecasted to be 1,623 million RMB in 2024, declining to 550 million RMB in 2025, a drop of 66.1% [2] - The earnings per share (EPS) based on adjusted net profit is expected to be 0.48 RMB in 2024, falling to 0.16 RMB in 2025 [2] Strategic Initiatives - The company is focusing on enhancing its brand strength during the industry adjustment period, aiming for sustainable long-term development [7] - The introduction of new products, such as "Dazhen," is aimed at improving sales performance and diversifying growth avenues [7] - The company plans to accelerate the promotion of mid-to-low-end products in county-level markets, leveraging various banquet scenarios to increase market share [7]
珍酒李渡（06979）：主动去库报表出清，万商联盟持续推进