提价初显成效，建议重点配置

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The recent price increase for the main product, "Pu Wu," has shown initial effectiveness, with a moderate rise in wholesale prices during the off-season, boosting distributor confidence and improving manufacturer-distributor relationships [2][3] - The company has defined 2024 as the "Marketing Execution Year," with clearer product layout and channel operations, indicating a significant phase of reform [2][4] - The main brand's product matrix has been enriched, with expectations for revenue growth from side products, ultra-high-end products, and series wines [2][4] Summary by Sections Recent Developments - Participation in the 110th Chengdu Spring Sugar and Wine Fair indicated stable overall feedback in the liquor industry, with improved confidence in channel operations under low market expectations [2] - The company has reduced the number of distributors for "Pu Wu" by 20%, and the factory price was raised by 50 yuan, leading to a price increase of 5-10 yuan during the Spring Festival [3] Financial Projections - The company expects revenue for 2023-2025 to be 842.43 billion, 926.67 billion, and 1,019.34 billion yuan, respectively, with year-on-year growth rates of +13.9%, +10.0%, and +10.0% [2][5] - The projected net profit attributable to the parent company for the same period is 305.12 billion, 340.86 billion, and 379.62 billion yuan, with growth rates of +14.3%, +11.7%, and +11.4% [2][5] Strategic Focus - The company aims to enhance marketing execution efficiency by focusing on driving sales, stabilizing prices, improving cost efficiency, and changing work styles [4][5] - The management team is actively addressing issues, with measures such as performance evaluations for sales teams to boost marketing efficiency [4][5]