LZLJ(000568) 天风证券·2025-01-05 14:12Investment Rating - The report maintains a "Buy" rating for Luzhou Laojiao (000568) with a target price not specified [5]. Core Views - Luzhou Laojiao is focusing on digital transformation, defining 2023 as the "Year of Marketing Digitalization," 2024 as the "Year of Digital Marketing Breakthrough," and 2025 as the "Year of Digital Implementation" [2]. - The company emphasizes six major shifts in thinking to adapt to market changes, including a focus on terminal sales and channel profits to promote inventory digestion and a virtuous cycle [2]. Financial Performance and Forecast - The company plans to distribute a cash dividend of 13.58 CNY per 10 shares, totaling approximately 2 billion CNY [3]. - Revenue is projected to grow by 6% in 2024, reaching 32.11 billion CNY, and by 12% in 2026, reaching 37.94 billion CNY [4][10]. - Net profit is expected to increase by 5% in 2024 to 13.93 billion CNY and by 12% in 2026 to 16.43 billion CNY, with corresponding P/E ratios of 12.65 and 10.72 [4][10]. Financial Data Summary - Revenue (CNY million): 2022: 25,123.56, 2023: 30,233.30, 2024E: 32,107.77, 2025E: 33,873.69, 2026E: 37,938.54 [4][10]. - Net Profit (CNY million): 2022: 10,365.38, 2023: 13,246.39, 2024E: 13,933.49, 2025E: 14,675.78, 2026E: 16,434.66 [4][10]. - EPS (CNY): 2022: 7.04, 2023: 9.00, 2024E: 9.47, 2025E: 9.97, 2026E: 11.17 [4][10]. Market Position and Strategy - The company is shifting from a growth mindset to risk and financial management, emphasizing consumer-centric strategies over mere channel sales [2]. - Luzhou Laojiao aims to create emotional value for consumers rather than relying solely on price competition [2].