春节动销表现亮眼，渠道精细化管理提升

Investment Rating - The investment rating for Shanxi Fenjiu is "Buy" (maintained) [2][7] Core Viewpoints - The sales performance during the Spring Festival was impressive, and refined channel management has improved [3] - The company is focusing on enhancing channel management capabilities, with a stable pricing system for Qinghua 20 being a highlight [4] - Qinghua 30's revival version showed good sales during the Spring Festival, and the company plans to continuously optimize its top-level design in 2024 [5] - Shanxi Fenjiu is expected to benefit from the secondary distribution of channel resources during the industry adjustment period [6] - The company is projected to achieve revenue of 32.36 billion, 38.85 billion, and 44.81 billion yuan for 2023-2025, with year-on-year growth rates of 23.5%, 20.0%, and 15.3% respectively [3][7] Summary by Sections Sales Performance - The company held a marketing mobilization meeting on February 21, 2024, focusing on strategies to enhance sales and optimize marketing efforts [3] - Qinghua 20's price stability around 360 yuan post-Spring Festival indicates effective demand management and pricing strategies [4] Channel Management - The company has implemented graded management for distributors and cost reforms to strengthen channel management [4] - Shanxi Fenjiu is seen as a rare company with improved channel management, pricing control, and systematic governance capabilities [4] Financial Projections - The projected net profit for 2023-2025 is 10.34 billion, 12.99 billion, and 15.42 billion yuan, with growth rates of 27.8%, 25.5%, and 18.8% respectively [3][7] - The corresponding price-to-earnings ratios (PE) are expected to be 27.5, 21.9, and 18.4 for the same period [7][8]