区域下沉终端扩容拓增量，数字化转型成效显著

Investment Rating - The investment rating for Luzhou Laojiao is "Buy" (maintained rating) [3][9]. Core Views - The report highlights the company's excellent management capabilities supporting continuous growth, with a strong start in the first quarter. The digital transformation has shown significant results, enhancing channel profit distribution and stabilizing the pricing system. The market strategy remains focused on "maintaining volume," while continuing to push for regional penetration and terminal expansion [4][5][6][7][9]. Financial Forecasts - The report revises the revenue forecasts for Luzhou Laojiao for 2023-2025 to CNY 30.67 billion, CNY 36.24 billion, and CNY 42.04 billion, reflecting a year-on-year growth of 22.1%, 18.2%, and 16.0% respectively. The net profit attributable to the parent company is expected to be CNY 13.16 billion, CNY 15.84 billion, and CNY 18.72 billion, with year-on-year growth rates of 27.0%, 20.3%, and 18.2% respectively. The corresponding P/E ratios are projected to be 20.6, 17.1, and 14.5 [4][9][12]. Market Strategy - The company is focusing on refining its operations in key markets such as Sichuan and North China, aiming to enhance penetration in lower-tier markets through initiatives like the "well-digging project." The strategy for 2024 includes further developing the hundred-billion Southwest and North China markets, emphasizing regional market cultivation and improving channel terminal quality [6][7][8]. Digital Transformation - Luzhou Laojiao has implemented a digital toolset that has tripled its national distribution network, transitioning from a push-based traditional marketing model to a pull-based digital marketing model. This shift has led to improved price stability and profitability at the terminal level [6][9]. Management Capability - The company's strong management capabilities are expected to help mitigate demand fluctuations, with a unique channel and distributor structure that allows for refined market operations. The report suggests that Luzhou Laojiao is well-positioned to navigate the current industry adjustments [5][8].