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].

证券研究报告·公司点评报告·非白酒 证券分析师 苏铖 百润股份（002568） 积极拥抱新渠道，关注新品节奏 2025 年 05 月 26 日 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 3,264 | 3,048 | 3,499 | 3,993 | 4,701 | | 同比（%） | 25.85 | (6.61) | 14.80 | 14.11 | 17.74 | | 归母净利润（百万元） | 809.42 | 719.14 | 806.85 | 970.60 | 1,181.04 | | 同比（%） | 55.28 | (11.15) | 12.20 | 20.30 | 21.68 | | EPS-最新摊薄（元/股） | 0.77 | 0.69 | 0.77 | 0.92 | 1.13 | | P/E（现价&最新摊薄） | 34.12 | 38.41 | 34.23 | 28.46 | 23.39 | [ ...

智通财经记者 | 富充 智通财经编辑 | 任雪松 作为预调鸡尾酒"RIO锐澳"（以下简称"锐澳"）的母公司，百润股份正面对收入、净利润双降的挑战。 2024财年，公司实现营业收入30.48亿元，同比下降6.61%；归母净利润7.19亿元，同比减少11.15%。这 一业绩表现与2023年营收净利双增的态势形成对比，2023年高基数效应下，2024年度预调鸡尾酒增长承 压。 这一双位数利润降幅，标志着公司主营业务的增长动能正进入调整期。而这背后最直接的诱因，是其核 心产品"锐澳"系列预调鸡尾酒所面临的品类疲态与消费转向。 企业同时公布了一季度业绩情况，净利润小幅回暖，同比增长7.03%，但营业收入仍然出现8.11%的同 比下滑。百润股份看似稳坐"预调鸡尾酒第一股"之位，但透过收入的连续下滑、结构性瓶颈的暴露、以 及烈酒新业务尚未放量的现实，公司正缓慢驶入一个"利润好看、增长隐忧"的关键时刻。 主营产品下行 锐澳创立于2003年，彼时的酒水行业刚步入"悦己饮酒"时代，品牌以其低酒精度、高颜值包装迅速收获 大批用户。时至今日，锐澳依旧是国内预调酒市场的头部品牌，连续多年市占率第一，其所代表的预调 鸡尾酒业务2024年 ...