证券研究报告|公司深度研究报告 [Table_at2026年03月04日 全面战略转型，强体系塑造强竞争力 ———金徽酒发展现状及投资价值讨论 评级： 买入 分析师：寇星 分析师：郭辉 SAC NO：S1120520040004 SAC NO：S1120524120002 分析师：沈嘉雯 分析师：王厚 SAC NO：S1120524070001 SAC NO：S1120525070002 -8% 2% 11% 20% 30% 39% 2025/03 2025/06 2025/09 2025/12 2026/03 相对股价 % 金徽酒 沪深300 请仔细阅读在本报告尾部的重要法律声明 金徽酒有望复制地产酒龙头演变趋势，成就自身绝对省 内优势地位 1 资料来源：Wind，华西证券研究所 ① 省内大众宴席场景、入门级商务场景引领消费升级：公司近年来积极引导省内100-150元价位带大众宴席、入门级商务消费用酒向200-300元升级，包 括世纪金徽星级系列中的四星向红白五星升级，柔和系列中的H3向H6升级，我们认为公司在四星、H3两款产品上具有坚实、广阔的消费基础，通过公 司大力开展各类消费者活动，如红五星赠婚车、H ...

Group 1 - The core viewpoint of the article highlights the growth potential of the Gansu liquor market, which is nearing a market capacity of 10 billion yuan, with a shift in consumer preferences towards higher-priced products [4] - Gansu's liquor consumption is transitioning from a price range of under 100 yuan to 150-200 yuan, indicating an upgrade in consumer spending habits [4] - Local liquor companies dominate the market, with over 50% market share, and Jinhuijiu holds approximately 20% of the market, showing a continuous increase in its share [4][5] Group 2 - Jinhuijiu, located in Longnan, has a long-standing brand history and has been on a "second entrepreneurship" journey since 2018, achieving a revenue of 3.02 billion yuan in 2024, with a compound annual growth rate (CAGR) of about 11% since its listing [5] - The company is optimizing its product structure, with a significant increase in the revenue share of products priced above 100 yuan, expected to reach 71% in 2024 [6] - Jinhuijiu's strategy focuses on national expansion while deepening its presence in the northwest, with solid channel foundations and brand recognition in the southeastern region of Gansu [6][7]