华致酒行：公司深度报告：保真与供应链坚实基础，品牌与门店高阶发力

Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Insights - The company has established a solid foundation in authenticity and supply chain management, with a focus on high-end brands and store transformation [1]. - The company has grown into a billion-dollar liquor distribution enterprise over 19 years, with a significant increase in store count and revenue [1][18]. - The liquor distribution market in China is fragmented, with a low chain rate of 5%, indicating potential for accelerated consolidation [1][3]. - The company has a leading position in the authenticity system, which serves as a core competitive advantage [1][4]. Summary by Sections Company Overview - The company started in 2005 and has expanded to over 2,000 stores, becoming the first listed company in liquor distribution in 2019 [1][18]. - The company has a concentrated shareholding structure, with the founder holding 63.47% of the shares, ensuring stable management [1][27]. Market Dynamics - The liquor distribution market in China is expected to grow, with a projected market size of 1.36 trillion yuan in 2023, reflecting a 5% year-on-year increase [1]. - The competitive landscape is highly fragmented, with the top five companies holding only 2.3% market share compared to over 60% in developed markets like the US and UK [1][3]. Supply Chain and Management - The company has established long-term partnerships with major liquor manufacturers, ensuring a stable supply chain [1][4]. - The organization has optimized its internal management, with a focus on enhancing efficiency and productivity [2][4]. Brand Development and Store Transformation - The company has successfully launched its own brand, "Lotus," and is expanding its sales channels through innovative marketing strategies [3][4]. - The transformation to a brand-focused store model is expected to enhance single-store profitability [3][4]. Financial Projections - Revenue is projected to grow at a CAGR of 5.7% from 2024 to 2026, with net profit expected to increase by 4.5% in 2024 and 24% in 2025 [4]. - The earnings per share (EPS) are forecasted to be 0.59 yuan in 2024, 0.73 yuan in 2025, and 0.92 yuan in 2026, with corresponding price-to-earnings (PE) ratios of 31, 25, and 20 [4].