百润股份（002568）：预调酒短期承压，关注威士忌新品

Investment Rating - The investment rating for the company is "Buy" [3] Core Views - The pre-mixed cocktail segment is under short-term pressure, while the whiskey product line is expected to contribute positively to revenue growth [2][7] - The company launched new whiskey products, including "Bailide" blended whiskey and the "Laizhou" single malt whiskey series, which are anticipated to drive sales [2][7] - The company is focusing on seasonal new product launches to rejuvenate its brand positioning in the pre-mixed cocktail market [7] Revenue and Profitability - For 2024, the company expects revenue of 30.48 billion yuan, a decrease of 6.61% year-on-year, with a net profit of 7.19 billion yuan, down 11.15% [3][7] - The gross margin for 2024 is projected to be 69.67%, with a net margin of 23.50% [2][3] - The company anticipates revenue growth of 9% and 11% for 2025 and 2026, respectively, with net profit growth of 11% and 15% [2][3] Regional Performance - Revenue from different regions for 2024 is as follows: North China 5.56 billion yuan, East China 10.15 billion yuan, South China 9.30 billion yuan, and West China 5.13 billion yuan, with varying year-on-year changes [1][2] Channel Performance - Revenue from distribution and direct sales for 2024 is projected at 21.52 billion yuan and 8.62 billion yuan, respectively, with a year-on-year decrease of 13.30% for distribution and an increase of 19.92% for direct sales [2]