力争上游，青花腾飞

Investment Rating - The report assigns a "BUY" rating for Shanxi Fenjiu (600809.SH) with a target price of 285 CNY [1]. Core Insights - The company achieved a revenue of 31.93 billion CNY in 2023, representing a year-on-year increase of 21.8%, and a net profit of 10.44 billion CNY, up 29% year-on-year [4]. - The company is expected to continue its growth trajectory, with projected net profits of 12.94 billion CNY, 15.4 billion CNY, and 18.22 billion CNY for 2024, 2025, and 2026 respectively, indicating year-on-year growth rates of 24%, 19%, and 18.4% [4][6]. Company Overview - Shanxi Fenjiu operates in the food and beverage industry, specifically focusing on high-end liquor products [2]. - As of April 25, 2024, the stock price was 245.58 CNY, with a market capitalization of approximately 299.6 billion CNY [2]. Financial Performance - The company reported a gross margin of 75.31% in 2023, which remained stable compared to the previous year [4]. - The company’s earnings per share (EPS) for 2023 was 8.56 CNY, with projections of 10.61 CNY, 12.61 CNY, and 14.93 CNY for the next three years [6]. Shareholder Information - Major shareholders include Shanxi Xinghuacun Fen Wine Group Co., Ltd., holding 56.58% of shares [2]. - Institutional investors hold 15.2% of the circulating A-shares, with general corporations holding 70.4% [3]. Market Position - The company has seen significant growth in both domestic and international markets, with revenue from domestic sales reaching 12.08 billion CNY, a 20.4% increase year-on-year, and revenue from outside the province reaching 19.66 billion CNY, up 22.8% [4]. - The premium liquor segment, particularly the Qinghua series, has shown strong performance, contributing to 46% of total sales [4].