五粮液：改革深化，价值为先

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company is focused on price stability and has implemented a series of measures to support pricing, including reducing distributor contract volumes by 20% in 2024, increasing factory prices by 50 yuan, and controlling inventory levels [2][3] - The marketing transformation is deepening, establishing a solid foundation for price control, with a focus on flattening the distribution structure and enhancing channel management capabilities [2][3] - The product portfolio is continuously optimized, with potential growth beyond the main brand, including strategies for various price segments and product types [2][3] Summary by Sections 1. Price Control Measures - The company has adopted a series of strategies to stabilize prices, including reducing supply and controlling inventory, which has led to increased confidence among distributors [2][3] - Historical price adjustments show a consistent pattern of price increases, with the company maintaining a strong operational capability in managing pricing strategies [2][3] 2. Marketing and Channel Reform - The company has undergone significant marketing reforms since 2017, enhancing its channel management and reducing reliance on large distributors [2][3] - The establishment of a digital marketing system has improved transparency and efficiency in channel management, allowing for better control over pricing and inventory [2][3] 3. Product Portfolio Development - The company has developed a clear product matrix, focusing on both high-end and diversified products to capture different market segments [2][3] - The introduction of new products and marketing initiatives aims to enhance brand value and meet evolving consumer preferences [2][3] 4. Financial Projections - The company aims to maintain double-digit revenue growth through 2024, with projected net profits of 337.2 billion yuan, 377.9 billion yuan, and 421.3 billion yuan for 2024, 2025, and 2026 respectively, reflecting growth rates of 11.6%, 12.1%, and 11.5% [3][4] - The current valuation is considered relatively low, with a high dividend yield, making it an attractive investment opportunity [3][4]