百亿新起点，乘势登高峰

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company successfully surpassed the 10 billion revenue mark in 2023, driven by effective brand, product, and market strategies, with a strong competitive advantage and growth potential [2] - The company is positioned well in the Jiangsu market, with a clear strategy for expanding its market share both domestically and in other regions [3] Summary by Sections 1. Path to 10 Billion: Differentiation and Steady Progress - The company has established a unique "Yuan Culture" to achieve brand differentiation, transitioning from selling products to selling culture [14] - The company avoids direct competition through differentiated pricing strategies, maintaining a competitive edge in various price segments [16] - The company has developed a channel differentiation strategy through group purchases, enhancing its market presence [20] 2. Post-10 Billion Outlook: Focus on Domestic Market Share and National Expansion - The company is expected to continue increasing its market share in Jiangsu, with a strong focus on the mid-to-high-end price segments [3][31] - The company has a clear strategy for expanding into external markets, with a three-year investment plan targeting 30 billion in revenue [3] 3. Financial Forecasts - Revenue projections for 2023-2025 are adjusted to 10.1 billion, 12.4 billion, and 15.1 billion respectively, with year-on-year growth rates of 28%, 24%, and 21% [3] - Net profit forecasts for the same period are 3.2 billion, 3.8 billion, and 4.7 billion, with corresponding year-on-year growth rates of 26%, 22%, and 22% [3] 4. Market Characteristics - The Jiangsu market is characterized by high consumer spending on liquor, with the company benefiting from a favorable economic environment [12] - The company has successfully penetrated key markets such as Nanjing and Huai'an, with significant revenue growth in these areas [28]