Zheshang Securities: Maintains a "buy" rating on Golden Emperor Liquor, with only the internet channel able to maintain growth in Q3.

Zhejiang Merchants Securities research report pointed out that Jin Hui Liquor achieved a net profit attributable to the mother of 324 million yuan in Q1-3 of 2025, a year-on-year decrease of 2.78%; the company achieved a net profit attributable to the mother of 25 million yuan in Q3 of 2025, a year-on-year decrease of 33.02%. The performance in Q3 is better than that in Q1-3, mainly affected by income tax affecting the profit margin. Only the online channel can still maintain growth in Q3, while both distribution and direct sales channels have declined. The net change in the number of distributors in and out of the province in Q1-3 of 2025 was +30/-82. The average scale of a single distributor in the first three quarters increased by 5.36% year-on-year. Considering the significant impact of pressure from the external environment on the sales of liquor, the bank has revised down its previous profit forecast. It is expected that the revenue growth rate of the company in 2025-2027 will be -0.99%, 6.20%, and 8.35%, respectively; the net profit attributable to the mother will increase by -3.13%, 7.77%, and 11.46% respectively; EPS will be 0.74, 0.80, and 0.89 yuan; the PE in 2025 is 27.06 times, maintaining a "buy" rating.