Jinwu Financial News | According to the Guotai Junan Development Research Report, sales of Q3 and National Day liquor were lackluster. Zhenjiu Li Du (06979) focused on structure and profit, and took the initiative to slow down channel progress. Among them, the main brand Zhenjiu has achieved the strategic orientation of premium products through upgrades, production expansion, etc., and Zhen 15 has once again been recognized by professional competitions and will launch the upgraded 4th generation Zhen 15. The improvement in quality and popularity will help drive the continuous expansion of the consumer scene and customer base; after operation, the Jin 30 independent division will aim to develop distribution channels, and the speed of promotion will be affected by the operation of liquor at lower end prices; high-end wine has a unique positioning and channel competition is relatively small, and it is expected that it will continue to grow rapidly. The second brand, Li Du, is currently still in the stage of expanding the price range within the province and developing the market outside the province. It is expected to continue the previous trend and grow faster than the group as a whole.
Considering that liquor has entered an industrial adjustment period starting from 24H2, the middle to high-end price bands are under pressure. The company's adjusted EPS in 2024-26 was reduced to 0.49 yuan (previous value 0.59 yuan), 0.52 yuan (0.73 yuan), and 0.55 yuan (0.89 yuan). The current stock price corresponds to 2024 12XPE. Maintain an increase in holdings rating.
