Investment Rating - The investment rating for the company is "Buy" [3][5]. Core Insights - The company has a clear brand positioning and is experiencing ongoing organizational efficiency improvements, with significant growth potential in key markets such as Guizhou, Guangdong, Hunan, Henan, and Shandong [4][5]. - The adjusted EPS forecasts for 2024-2026 are 0.59, 0.73, and 0.89 respectively, with a target price of HKD 12.6 based on a 20X PE for 2024 [5]. - The company is focusing on multi-brand strategies to drive growth, with specific initiatives for its brands: 1. Zhenjiu is maintaining stable pricing while expanding its dual-channel growth strategy [5]. 2. Lidou is broadening its product matrix to include mid-to-high-end price segments and enhancing its market presence outside the province [5]. 3. Xiangjiao continues to deepen its local channel strategy and improve distributor quality through a large network strategy [5]. Financial Summary - The company reported a revenue of RMB 5,856 million in 2022, with projected revenues of RMB 7,030 million in 2024, RMB 8,326 million in 2025, and RMB 9,819 million in 2026, reflecting a growth rate of 18% [9]. - The net profit for 2022 was RMB 1,197 million, with projections of RMB 1,623 million in 2024, RMB 2,001 million in 2025, and RMB 2,482 million in 2026, indicating a growth rate of 23% [9]. - The PE ratio is expected to decrease from 26.73 in 2022 to 19.73 in 2024, and further down to 12.89 in 2026, suggesting an improving valuation [9].
珍酒李渡：更新报告：多品牌发力，效能释放中