山西汾酒：经营节奏保持稳健，青花30复兴版长期化运作

Investment Rating - The investment rating for Shanxi Fenjiu is maintained at "Buy" [1][6]. Core Views - The company is expected to maintain a steady operational rhythm, with a focus on the long-term operation of the Qinghua 30 Revival Edition and continued strength in mid-tier products [2][3]. - The company is projected to achieve revenue of CNY 38.47 billion, CNY 45.17 billion, and CNY 51.93 billion for 2024-2026, representing year-on-year growth of 20.5%, 17.4%, and 15.0% respectively [2][6]. - The expected net profit attributable to shareholders is CNY 13.12 billion, CNY 16.06 billion, and CNY 18.96 billion for the same period, with growth rates of 25.7%, 22.4%, and 18.0% respectively [2][6]. Summary by Sections Business Strategy - The company is focusing on the long-term operation of the Qinghua 30 Revival Edition and enhancing its product differentiation strategy, particularly with the Qinghua 20, Qinghua 30 Revival Edition, and Qinghua 40 China Dragon [3]. - In 2024, the company aims to strengthen its product structure, particularly in the CNY 100-300 price range, to capture the recovering demand in the mass banquet market [3]. Market Positioning - Shanxi Fenjiu is expected to adjust its operational rhythm in the Shanxi province while adopting a differentiated assessment strategy in external markets, allowing for a balanced income distribution across regions [4]. - The company is implementing the "Fen Enjoy Benefits" program to enhance its pricing stability and improve its management capabilities in the supply chain [5]. Financial Projections - The financial forecasts indicate a steady increase in revenue and net profit over the next three years, with corresponding PE ratios of 24.5, 20.0, and 17.0 for 2024-2026 [2][6]. - The company is expected to maintain a high gross margin, with projections of 76.51%, 77.11%, and 77.61% for the next three years [9].