On June 14th, Guosen Securities research reports pointed out that reform is the key to breaking through the company's development bottleneck, and Shanxi Xinghuacun Fen Wine Factory (600809.SH) has sufficient development potential. It is believed that 'Qinghua 20' is located in a high energy growth range, from single-scenario growth in business to multi-scenario growth. A horizontal comparison shows that Qinghua 20 is in the middle of national expansion, and its development stage is between Crystal Sword and 60th Edition Tequ. It will not enter short-term stock quantity and price game. Therefore, Qinghua 20's future national expansion can support Fen Wine Factory's revenue to enter the 50 billion yuan camp. Considering the continuation of growth momentum and the steady promotion of channel reform, a 2024 valuation level of 23-27 times is given, corresponding to a target price of 248.40-291.60 yuan (with a median of about 270.00 yuan), maintaining an 'outperform the market' rating.
研报掘金丨国信证券：山西汾酒渠道改革稳步推进，维持“优于大市”评级
Research Reports: Guosen Securities: Shanxi Xinghuacun Fen Wine Factory's channel reform steadily advances, maintaining an "outperform" rating in the market.
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