YINGJIA DISTILLERY(603198) 东吴证券·2025-04-29 02:03Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has shown a revenue growth of 8.5% in 2024, with a total revenue of 73.4 billion RMB and a net profit of 25.9 billion RMB, reflecting a 13.4% increase [7] - The company is experiencing a slowdown in mid-to-low-end liquor sales, while the "Dingcang" series continues to show strong growth potential [7] - The report highlights a proactive approach to managing cash flow and inventory, ensuring healthy channel profits and turnover [7] Financial Summary - Total revenue projections for the company are as follows: 2023A: 6,771 million RMB, 2024A: 7,344 million RMB, 2025E: 7,378 million RMB, 2026E: 7,862 million RMB, 2027E: 8,685 million RMB [1] - Net profit forecasts are: 2023A: 2,282 million RMB, 2024A: 2,589 million RMB, 2025E: 2,617 million RMB, 2026E: 2,842 million RMB, 2027E: 3,205 million RMB [1] - The earnings per share (EPS) estimates are: 2023A: 2.85 RMB, 2024A: 3.24 RMB, 2025E: 3.27 RMB, 2026E: 3.55 RMB, 2027E: 4.01 RMB [1] - The price-to-earnings (P/E) ratios for the years 2025-2027 are projected to be 14.9, 13.7, and 12.2 respectively [7]