WLY(000858) 长江证券·2024-04-14 16:00Investment Rating - The investment rating for Wuliangye is "Buy" and is maintained [5]. Core Views - Wuliangye has seen internal and external improvements since 2023, focusing on enhancing brand value and adjusting pricing strategies to align with this value [4][10]. - The company aims to optimize its product structure and increase dividends, which is expected to boost market confidence [4][11]. - The first phase target price for Wuliangye's products is set at 970 RMB per bottle, with a planned price increase for its flagship product [8][10]. Summary by Sections Event Description - In 2023, Wuliangye defined the year as a marketing execution year, emphasizing brand value enhancement and price adjustments [4][10]. - The company has improved team building and incentive mechanisms, raising the factory price of its flagship product to over 1000 RMB and reducing planned sales volume by 20% in 2024 [4][10]. - The company has seen good sales performance during the Spring Festival, with prices showing a stable upward trend [4][10]. Event Commentary - Short-term strategies for 2024 include prioritizing price adjustments to facilitate value recovery, with a focus on internal team optimization and market control [8][10]. - Long-term strategies involve refining the product matrix and increasing dividends to enhance investor confidence [11][15]. - The company plans to launch new products to meet diverse consumer needs and strengthen its market position [11][15]. Financial Outlook - Wuliangye is expected to maintain double-digit growth in revenue and profit for 2024, with a projected net profit of 340 billion RMB [15]. - The company's PE ratio is currently at a five-year historical low, indicating a favorable investment opportunity [15]. - Forecasted earnings per share (EPS) for 2023, 2024, and 2025 are 7.79, 8.75, and 9.83 RMB, respectively [15].