稳当下、谋长远，泸州老窖三季报彰显名酒穿越周期的确定性

Core Viewpoint - The liquor industry is undergoing a significant adjustment, transitioning from "scale expansion" to "value competition," with Luzhou Laojiao demonstrating strong resilience and performance during this period [1][3]. Industry Overview - The overall liquor industry is facing pressure, leading to increased differentiation among companies. Luzhou Laojiao has shown robust resistance to cyclical challenges, maintaining stable performance and brand strength [3][10]. - As of November 3, Luzhou Laojiao's stock price has increased approximately 13% this year, ranking among the top in the liquor sector [9][10]. Company Performance - In the first three quarters, Luzhou Laojiao achieved revenue of 231.27 million yuan and a net profit of 107.62 million yuan, maintaining its position among leading liquor brands [1][5]. - The company's sales gross margin remained above 87%, continuing to lead the industry [7]. Strategic Initiatives - Luzhou Laojiao's "dual brand, three product lines, and major product" strategy has proven effective, with the Guojiao 1573 brand maintaining stable pricing and sales [5][7]. - The wholesale price of Guojiao 1573 has remained around 850 yuan, showing minimal fluctuation, making it the most stable high-end liquor product this year [7][8]. Channel Development - The company has focused on channel deepening, with new channel revenue increasing by 27.55% year-on-year in the first half of the year, outperforming the industry average [9]. - Luzhou Laojiao has implemented targeted marketing strategies in key cities and expanded into new channels such as e-commerce and live streaming [8][9]. Long-term Vision - Luzhou Laojiao is committed to youth-oriented and digital transformation strategies, aiming to capture the next generation of consumers [11][13]. - The company has invested in smart brewing technology and logistics, increasing production efficiency and reducing operational costs [13][14]. Shareholder Engagement - The controlling shareholder has increased their stake in the company, demonstrating confidence in its future growth. The company has also revised its dividend policy to enhance shareholder returns [16][17]. - Luzhou Laojiao's market value has increased over tenfold since the last industry downturn in 2014, establishing it as a benchmark for industry value [17].