Zhongyuan Securities: Shanxi Fenjiu's profit continues to rise, giving it a "buy" rating.

Zhongyuan Securities research report pointed out that Shanxi Fenjiu achieved a net profit attributable to the parent company of 12.246 billion yuan in 2024, a year-on-year increase of 17.24%; in the first quarter of 2025, it achieved a net profit attributable to the parent company of 6.656 billion yuan, a year-on-year increase of 6.31%. The company's profits in the first quarter continued to rise: the comprehensive gross profit margin in the first quarter increased by 1.34 percentage points year-on-year to 78.8%. With the current macroeconomic background, the growth of liquor revenue is slowing down. From the trend perspective, the company's revenue growth has converged since the fourth quarter of 2024, mainly due to the rapid and significant revenue growth in the previous periods and the current unfavorable macroeconomic environment. Overall, from 2024 to the first quarter of 2025, inventory turnover days increased, inventory turnover rate decreased, and combined with the situation of revenue growth, it is expected that the channel sales may slow down. Referring to the closing price of 205.41 yuan on May 13th, the corresponding price-to-earnings ratios are 18.51 times, 16.79 times, and 15.18 times, giving the company a "hold" rating.