山西汾酒：老白汾焕新上市，巩固市场发展基础

Investment Rating - The investment rating for Shanxi Fenjiu is "Outperform the Market" (maintained) [1] Core Views - The new version of Lao Bai Fen has been fully upgraded, integrating the Qingshua 20 into a five-code system, which enhances channel and pricing management [2][3] - The company is undergoing continuous digital transformation, focusing on cultural, organizational, and competitive restructuring as core elements [4] - Shanxi Fenjiu is entering a high momentum development phase, with revenue forecasts for 2024-2026 expected to reach 38.47 billion, 45.17 billion, and 51.93 billion yuan, representing year-on-year growth of 20.5%, 17.4%, and 15.0% respectively [5] Summary by Sections Company Overview - The company held a dealer conference in Kunming, Yunnan, themed "Deeply Implementing the Fenjiu Revival Program and Promoting High-Quality Market Development" [2] Product Upgrades - The Lao Bai Fen series has seen its first upgrade in five years, with a price increase of 5 yuan per bottle, aimed at supporting the five-code system [3] Digital Transformation - The five-code system is designed to address market order issues such as channel diversion and price chaos, which is essential for the company's revenue growth into the 30 billion yuan era [4] Financial Forecasts - The expected net profit for 2024-2026 is projected to be 13.12 billion, 16.06 billion, and 18.96 billion yuan, with year-on-year growth rates of 25.7%, 22.4%, and 18.0% respectively [5]