On June 11th, Guosen Securities research report pointed out that at the recent Shanxi Xinghuacun Fen Wine Factory (600809.SH) dealers conference, the new upgraded Qinghua 20 and Laobaifen 10 were launched. The full series of Laobaifen raised the invoice price by 5 yuan per bottle and introduced a unified five-code system. Laobaifen is positioned in the price range of 100-300 yuan, with banquet market as its main scene. In the past, the province was its main area with higher consumer awareness in Shanxi market. It has strong advantages in the surrounding Shanxi market, and has also developed rapidly in recent years. The company's product strategy has changed from "grabbing both ends and leading the middle" to "grabbing Qinghua, strengthening waist, and stabilizing Bofen" since 2022. Laobaifen is expected to take on more incremental business in the current market environment, and the expected revenue growth rate of Laobaifen this year may be higher than that of the company as a whole. After the release of price increase information, the growth is expected to accelerate in the second quarter. Maintain a "buy" rating.
研报掘金丨光大证券：山西汾酒腰部产品有望发力，维持“买入”评级
Research report from Everbright Securities: Shanxi Xinghuacun Fen Wine Factory's core products are expected to take off, maintaining a "buy" rating.
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