看好今世缘的3点理由

Investment Rating - The report assigns a "Buy" rating for the company [3]. Core Insights - The report highlights three key reasons for optimism regarding the company: a more rational competitive landscape in the province, the emerging value of the V series products, and sustained growth in the out-of-province market [6][9]. Financial Forecast Summary - Revenue (in million CNY): - 2023A: 10,100.38 - 2024E: 11,682.81 - 2025E: 13,099.80 - 2026E: 14,586.50 - Revenue Growth Rate (%): - 2023A: 28.05 - 2024E: 15.67 - 2025E: 12.13 - 2026E: 11.35 - Net Profit (in million CNY): - 2023A: 3,136.04 - 2024E: 3,588.80 - 2025E: 3,941.37 - 2026E: 4,386.43 - EPS (CNY): - 2023A: 2.52 - 2024E: 2.88 - 2025E: 3.16 - 2026E: 3.52 - P/E Ratios: - 2023A: 21.82 - 2024E: 19.07 - 2025E: 17.36 - 2026E: 15.60 [2][29]. Company Overview and Rationale for Recommendation - The company is a leading liquor producer in Jiangsu Province, with a strong brand history and a diversified product line that includes the "Guoyuan" brand and its various series [8][9]. - The company has shown resilience in a challenging macroeconomic environment and is expected to benefit from a more rational competitive landscape, particularly against its main competitor, Yanghe [6][9]. - The V series products are gaining traction, indicating potential for upward price adjustments and increased market share [6][23]. - The out-of-province market is also showing promising growth, driven by enhanced brand recognition and strategic market adjustments [6][27].