Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company achieved a total revenue of 5.358 billion yuan in 2024, representing a year-on-year growth of 1.91%, while the net profit attributable to shareholders was 787 million yuan, up 18.19% year-on-year [2][4][9]. - In Q4 2024, the company reported a total revenue of 1.27 billion yuan, a decrease of 10.03% year-on-year, and a net profit of 231 million yuan, down 6.79% year-on-year [2][4][9]. - For Q1 2025, the company recorded a total revenue of 1.168 billion yuan, an increase of 3.36% year-on-year, with a net profit of 152 million yuan, up 11.91% year-on-year [2][4][9]. Financial Performance - The company's revenue from the Laobai Gan series in 2024 was 2.59 billion yuan, a year-on-year increase of 10%, while the Ban Cheng series revenue was 858 million yuan, down 10.3% [9]. - The Wuling wine generated revenue of 1.099 billion yuan, up 12.3% year-on-year, primarily due to an increase in average price [9]. - The company achieved a sales volume of 54,141 thousand liters in 2024, a year-on-year increase of 1.1%, with an average price of 98,400 yuan per thousand liters, up 5.0% year-on-year [9]. Profitability and Cost Management - The company's net profit margin improved by 2.02 percentage points to 14.69%, while the gross profit margin decreased by 1.21 percentage points to 65.95% [9]. - The company plans to achieve a revenue target of 5.47 billion yuan in 2025, with operating costs controlled within 1.826 billion yuan [9]. - The estimated EPS for 2025 and 2026 is 0.96 yuan and 1.09 yuan, respectively, corresponding to a PE ratio of 18 and 16 times [9].