春节动销积极，彰显龙头优势

Investment Rating - The report maintains a "Buy" rating for Gujing Gongjiu [1][3] Core Viewpoints - The sales performance during the Spring Festival was strong, particularly in the Anhui region, with a return rate exceeding 55%, which is faster than the same period last year. The overall sales growth during the Spring Festival is estimated to exceed 20% [2][3] - The product structure continues to improve, with a focus on enhancing the sales of mid-range products. The company has adjusted its expense structure to increase incentives for distributors and boost consumer engagement [2] - The price control of Gu 20 has shown significant effectiveness, with positive sales feedback and a stable average transaction price of 550-560 yuan per bottle during the Spring Festival [2] - The company is experiencing growth in both domestic and external markets, with a focus on refining its sales model and enhancing its competitive edge against peers [2] Financial Forecasts and Valuation - The company is expected to achieve revenues of 20.54 billion yuan in 2023, 24.71 billion yuan in 2024, and 28.98 billion yuan in 2025, with year-on-year growth rates of 22.90%, 20.32%, and 17.25% respectively [1] - The net profit attributable to shareholders is projected to be 4.70 billion yuan in 2023, 5.92 billion yuan in 2024, and 7.28 billion yuan in 2025, reflecting year-on-year growth rates of 49.47%, 26.02%, and 23.03% respectively [1] - The report anticipates a steady decline in the overall expense ratio, driven by increased revenue and improved cost management [2][3]