继年初酱香威士忌之后，国产威士忌又迎来一个酒业跨界的"玩家"。 7月3日，南都湾财社-酒水新消费指数课题组记者注意到，黄酒龙头古越龙山在其微信公众号宣布，该 公司在7月2日已与浙江穿岩十九威士忌酒业有限公司签订协议，古越龙山将提前锁定穿岩十九生产的超 4000桶糯米威士忌入桶熟成订单，订单金额破亿元。 据了解，古越龙山此次"斥巨资"杀入威士忌这一酒业新赛道，主要与其品牌年轻化相关，在业绩增长乏 力，同时被对手会稽山时刻赶超的压力下，拓展年轻人市场成为古越龙山迫在眉睫的任务。 布局业务6年，古越龙山要靠威士忌打开年轻化？ 古越龙山对威士忌已经布局了近6年时间。 公开资料显示，穿岩十九威士忌源于2019年古越龙山与江南大学研究团队合作研发黄酒蒸馏酒，随后该 公司与香港凤凰集团（远东）投资有限公司进行合作，并在2023年11月宣布产品正式对外发布。而据天 眼查数据显示，浙江穿岩十九威士忌酒业有限公司成立于2024年1月，控股人为马梓健，该公司与香港 凤凰集团（远东）投资有限公司存在关联关系。 对于上述糯米威士忌产品，古越龙山方面在产品对外发布之时是"寄予厚望"，除了布局产品研发和生产 酿造外，该公司还在2023年带 ...

Investment Rating - The report upgrades the investment rating to "Buy" with a target price of 36.18 CNY, reflecting a reasonable valuation level of 27 times the earnings per share for 2027 [4][5]. Core Views - The company is expected to experience a second growth curve, driven by its dual attributes in beverages and small category wines, particularly in the whiskey market, which is still in its early stages in China [2][3]. - The whiskey market in China has significant growth potential, with the current market size being only 55 billion CNY, representing a mere 0.8% of the total liquor market [13][20]. - The company has successfully localized imported products, as evidenced by its previous success in the ready-to-drink (RTD) segment, and aims to replicate this success in the whiskey market [8][36]. Financial Forecast and Investment Recommendations - The forecast for earnings per share from 2025 to 2027 is 0.81 CNY, 1.00 CNY, and 1.34 CNY respectively, with a projected revenue growth of 19.2% in 2025, 18.0% in 2026, and 26.2% in 2027 [4]. - The company’s revenue is expected to reach 3,634 million CNY in 2025, 4,288 million CNY in 2026, and 5,410 million CNY in 2027, indicating a strong growth trajectory [4]. Market Analysis - The whiskey segment is projected to grow significantly, with the potential for domestic brands to capture a larger market share, aiming for a 50% domestic market penetration by leveraging local production and unique flavor profiles [37][39]. - The report highlights that the company’s whiskey products are positioned in the mass market price range, which is crucial for stimulating initial consumer interest and expanding market share [57][58]. Strategic Positioning - The company is building a liquor matrix with its whiskey brands, including Baileys and Laizhou, to establish itself as a leader in the domestic whiskey market [33]. - The marketing strategy focuses on experiential marketing and collaboration with local distributors to enhance brand recognition and consumer engagement [34][36].