短期经营承压，期待改革成效

Investment Rating - The investment rating for the company is "Buy (Maintain)" with an expectation of a relative increase of over 15% in the next 6 to 12 months compared to the benchmark index [9][12]. Core Views - The company is currently facing short-term operational pressure but is expected to benefit from ongoing reforms in the future [3][9]. - The company reported a revenue of 2.139 billion in 2022, with a slight decrease to 2.106 billion in 2023, reflecting a year-on-year decline of 2% [9]. - The net profit for 2023 is projected to be 87 million, down from 138 million in 2022, indicating a significant year-on-year decrease of 37% [9]. - The company aims to improve its profitability through internal reforms, despite facing challenges in the short term [9][10]. Financial Summary - Revenue projections for the upcoming years are as follows: 2.214 billion in 2024, 2.412 billion in 2025, and 2.621 billion in 2026, indicating a growth rate of 5% in 2024 and 9% in 2025 and 2026 [9]. - The net profit is expected to recover to 172 million in 2024, 207 million in 2025, and 234 million in 2026, with growth rates of 97% and 20% respectively [9]. - Earnings per share (EPS) are projected to increase from 0.08 in 2023 to 0.15 in 2024, 0.19 in 2025, and 0.21 in 2026 [9]. - The company's gross margin is expected to improve slightly, with a forecast of 33% in 2024 [9]. Market Performance - The company's stock price is currently at 8.20, with a market capitalization of 9.126 billion [9]. - The company has seen a decrease in sales in certain product categories, particularly in the liquor series, while the vinegar series has shown growth [9][10]. - The company is focusing on enhancing its market presence and improving profitability through strategic reforms [9][10].