公司事件点评报告：高管变动调整，业绩稳中向好

Investment Rating - The report maintains a "Buy" rating for Shanxi Fenjiu [4] Core Views - The company has undergone management changes, with key appointments aimed at strengthening leadership [2] - The inventory situation is healthy, and the company is advancing its digital transformation and terminal management, indicating a positive market condition [3] - The company is expected to achieve stable revenue growth driven by product differentiation and market leadership [4] Summary by Sections Management Changes - Recent appointments include Mr. Li Peijie as Deputy General Manager and Mr. Wang Huai as Deputy General Manager and Chief Accountant [2] - The changes are attributed to retirement and work adjustments among existing executives [2] Performance Outlook - The company is projected to have a strong performance in Q1, with a positive outlook for the entire year [3] - Revenue for 2023 is estimated at 31.84 billion, with a growth rate of 21.5% [8] - The net profit for 2023 is forecasted at 10.73 billion, reflecting a growth rate of 32.5% [8] Earnings Forecast - EPS is projected to be 8.79, 10.42, and 12.72 for 2023, 2024, and 2025 respectively, with corresponding PE ratios of 24, 21, and 17 [4] - The company is expected to maintain a gross margin of around 75% and a net profit margin of approximately 33% [9] Financial Metrics - The total revenue is expected to grow from 26.21 billion in 2022 to 46.38 billion by 2025 [8] - The return on equity (ROE) is projected to decline from 37.2% in 2022 to 29.2% in 2025 [9] - The company’s total assets are expected to increase from 36.69 billion in 2022 to 69.02 billion by 2025 [8]