LAO BAI GAN JIU(SH:600559) Huaxin Securities·2024-05-27 10:00Investment Rating - The report maintains a "Buy" investment rating for the company [5] Core Views - The company is committed to a high-end strategy, focusing on premium products and enhancing its competitive advantage in the domestic market [3] - Cost reduction and efficiency improvement measures are showing results, with a strong emphasis on fine management and resource allocation [4] - The internal reform benefits are expected to drive earnings growth, with projected EPS for 2024-2026 at 0.94, 1.16, and 1.38 yuan respectively [5] Summary by Relevant Sections Product Strategy - The company continues to advance its high-end strategy, concentrating on products such as A-grade 15, A-grade 20, and 1915, while also establishing an innovation liquor division targeting the 100 yuan price range and mass-market liquor [3] Management Efficiency - The company is enhancing cost-effectiveness through various measures, including detailed performance assessments, resource allocation, and regular meetings to support departmental collaboration [4] Earnings Forecast - The company is expected to benefit from internal reforms, with projected revenues increasing from 5,257 million yuan in 2023 to 8,219 million yuan in 2026, reflecting a growth rate of 16.2% in 2026 [5][10] - The net profit is forecasted to rise from 666 million yuan in 2023 to 1,262 million yuan in 2026, with a notable growth rate of 19.2% in 2026 [5][10]