WLY(SZ:000858) Great Wall Securities·2024-03-24 16:00Investment Rating - The report maintains a "Buy" rating for Wuliangye, expecting the stock price to outperform the industry index by over 15% in the next six months [13]. Core Views - Positive changes are accumulating for Wuliangye, with market confidence boosted by recent actions taken by the company, including price adjustments and channel management [1]. - The company is shifting from a single product and channel growth strategy to a more diversified approach, focusing on various channels and product lines [2]. - The successful price increase of the flagship product, the eighth generation Wuliangye, is expected to enhance profitability and market positioning [2]. Financial Summary - Revenue (in million CNY): - 2021A: 66,209 - 2022A: 73,969 - 2023E: 82,697 - 2024E: 93,282 - 2025E: 104,942 - YoY Growth Rate: 2023E 11.8%, 2024E 12.8%, 2025E 12.5% [1][2] - Net Profit (in million CNY): - 2021A: 23,377 - 2022A: 26,691 - 2023E: 29,661 - 2024E: 34,073 - 2025E: 38,835 - YoY Growth Rate: 2023E 11.1%, 2024E 14.9%, 2025E 14.0% [1][2] - EPS (CNY): - 2021A: 6.02 - 2022A: 6.88 - 2023E: 7.64 - 2024E: 8.78 - 2025E: 10.00 [1][2] Market Strategy - Wuliangye is implementing a strategy to reduce supply in traditional channels while increasing focus on specialty stores and new retail channels [2]. - The company aims to enhance the brand value of its classic products and improve marketing strategies to solidify its market position [2]. - The eighth generation Wuliangye's price increase and the positive market response are expected to create a favorable environment for future pricing strategies [1][2].