Changjiang Securities research report pointed out that Shanxi Xinghuacun Fen Wine Factory (600809.SH) still has three advantages in product. Aroma advantage: Fen wine is a leader in light aroma type. Especially in the middle and high-end fields, there are no competitors. Compared with the fiercely competitive strong-flavor and sauce-flavor liquor, the competitive pattern of Fen wine is better. Brand advantage: Fen wine is one of the four famous wines, and it used to sell well throughout the country. It has a deep brand foundation and consumer base. Matrix advantage: At present, Fen wine is one of the few liquor enterprises that have achieved full-price layout and have multiple strong large-volume products. It has strong risk resistance and complementary channel profits. Overall, the bank believes that the company's logic of "stable basic plate + gradual realization of potential space" continues to be played out, whether in terms of product dimension or regional dimension. It is expected to maintain a fast growth momentum in the future. Considering that the company's average valuation from 2005 to the end of June 2024 is 43 times, the company's valuation currently has certain cost performance and maintains a "buy" rating.