山西汾酒：提价升级，腰部发力

Investment Rating - The report assigns an "Accumulate" rating for the company, marking the first coverage [2]. Core Insights - The company has announced price increases for several key products, including the 10-year and 15-year Lao Bai Fen, effective June 20, with increases of 30 yuan per box, and the Panama 20-year product with an increase of 60 yuan per box [3][4]. - The Lao Bai Fen and Panama series are positioned as the company's mid-tier products, contributing significantly to its market share, which is close to 10 billion yuan [4]. - The company aims for a revenue growth target of approximately 20% year-on-year for 2024, with the price adjustments and market strategy optimizations being crucial to achieving this goal [4][5]. Financial Projections - Revenue projections for 2024-2026 are estimated at 387.54 billion yuan, 464.79 billion yuan, and 554.08 billion yuan, reflecting year-on-year growth rates of 21.4%, 19.9%, and 19.2% respectively [5]. - Net profit forecasts for the same period are 133.25 billion yuan, 167.15 billion yuan, and 205.31 billion yuan, with growth rates of 27.7%, 25.4%, and 22.8% respectively [5]. - Earnings per share (EPS) are projected to be 10.92 yuan, 13.70 yuan, and 16.83 yuan for 2024, 2025, and 2026 respectively [5].