Investment Rating - The report maintains a "Strong Buy" rating for Gujing Gongjiu with a target price of 300 CNY [1][6]. Core Views - The company shows resilience in market sales, with a focus on accelerating inventory reduction ahead of the Spring Festival [1][6]. - The management is pragmatic and flexible in adjusting operations to ensure long-term healthy development, particularly in stabilizing market share in the domestic market while exploring growth potential in external markets [6][8]. Financial Summary - Total revenue projections for 2024A, 2025E, 2026E, and 2027E are 23,578 million CNY, 21,774 million CNY, 22,033 million CNY, and 23,249 million CNY respectively, with a year-on-year growth rate of 16.4% in 2024A, followed by a decline of 7.6% in 2025E [2][13]. - Net profit attributable to the parent company is forecasted at 5,518 million CNY for 2024A, decreasing to 5,069 million CNY in 2025E, with a growth rate of 20.2% in 2024A and a decline of 8.1% in 2025E [2][13]. - Earnings per share (EPS) are projected to be 10.44 CNY in 2024A, 9.59 CNY in 2025E, 10.02 CNY in 2026E, and 10.74 CNY in 2027E [2][13]. Market Performance - The company has shown a strong performance compared to the CSI 300 index, with a notable increase in market share in the domestic market despite external pressures [6][8]. - The marketing team has effectively executed strategies to enhance brand presence and sales, particularly in key regions such as Jiangsu and Anhui [6][8]. Strategic Initiatives - The company is focusing on product upgrades and new product launches to enhance market competitiveness, with a particular emphasis on maintaining price competitiveness while expanding market share [6][8]. - Marketing efforts are being intensified in preparation for the Spring Festival, aiming to boost sales and inventory reduction [6][8].