On June 5th, Guotai Junan's research report stated that in 2024, Anhui Gujing Distillery (000596.SZ) will continue to strengthen the investment of high-end products and resources, and the core product Gujing as a expansion outside the province still shows high growth; in 2024, the expansion outside the province will still be based on its own team in collaboration with the dealer system, adopting a point-to-face strategy, and the trend of expanding the market outside the province will continue, with Shandong and Henan markets showing relatively stable performance, and the market order of Jiangsu and other places has improved. Looking ahead, it is believed that with its channel and product structure advantages, Gujing will continue to achieve structural adjustment within the province and expansion outside the province, and its performance certainty is highlighted. In the long term, the company's expenses rate still has room for optimization, and the profit elasticity is expected to continue. We maintain the "shareholding" rating and a target price of 350 yuan.