核心产品高增延续，结构升级继续可期

Investment Rating - The investment rating for the company is "Buy - A" [1] Core Views - The company is expected to continue its high growth in core products, with structural upgrades anticipated [1] - The company aims to achieve a revenue target of 6.6 billion yuan for 2023, with the "洞藏" series projected to exceed 3 billion yuan in sales [2] - The company is positioned to accelerate its growth towards a 10 billion yuan revenue milestone by 2024, supported by strategic initiatives and market expansion [2] Summary by Sections 2023 Review - The company has increased investment in the "洞藏" series, focusing on products like "洞 16", "洞 20", and "大师版", while maintaining strong sales of "洞 6" and "洞 9" [1] - The company has solidified its market position in the "合六淮" region and is expanding into potential markets in northern and southern Anhui [1] - The company expects to benefit from the return of consumption and banquet demand, with a strong performance in the provincial market [1] 2024 Outlook - The company is set to enhance its management and operational efficiency, aiming for a significant revenue increase [1] - The company plans to strengthen its market presence through improved channel management and digital marketing strategies [1] - The company anticipates continued growth in the "洞藏" series, with a clear path for volume expansion in the provincial market [2] Financial Forecast - Revenue projections for 2023-2025 are 6.8 billion, 8.2 billion, and 10 billion yuan, respectively, with year-on-year growth rates of 23%, 22%, and 21% [2] - Net profit forecasts for the same period are 2.2 billion, 2.8 billion, and 3.6 billion yuan, with corresponding growth rates of 29%, 28%, and 26% [2] - The company’s earnings per share (EPS) are projected to be 2.76, 3.53, and 4.46 yuan, with price-to-earnings (P/E) ratios of 23, 18, and 14 times [2] Competitive Positioning - The company is positioned in the mid-to-high-end market, with a focus on the "洞 16" and "洞 20" products, which are expected to grow rapidly due to consumer trends [6] - The company is leveraging its competitive advantages in pricing and channel profitability to expand its market share [1][2] - The company’s valuation is competitive compared to peers, with a current P/E ratio of 23 times, reflecting a solid market position [10]