According to the Intelligence Finance APP, Goldman Sachs issued a research report stating that it has a "buy" rating on China Res Beer (00291) and included it on the "conviction buy" list, with a target price of HKD 51.

The report said that during January to May, sales increased by more than 30% compared to the same period last year after meeting with senior management of Jinsha Liquor, which is owned by China Res Beer. This is slightly lower than the company's existing target of 40% annual growth in 2024. The company prioritizes retail sales, bottle opening rate and channel inventory management to stabilize the wholesale price in 2024.

The bank stated that from the industry's perspective, the wholesale price of sauce-flavored baijiu is basically stable, the downturn cycle may bottom out, and it is expected that the overall channel inventory of the industry will become normal by the end of 2024. Keep an eye on the increasing popularity of sauce-flavored baijiu in Henan, Shandong and Guangdong and other regions.