According to the Huaan Securities Research Report, Gujing Gongjiu's 26Q3 revenue was 2,639 million yuan, up 3.69% year on year; net profit to mother was 95 million yuan, down 68.04% year on year; 26Q3 revenue recovery was in line with market expectations. By product, Gu 8/16 is expected to contribute the main increase. Gu 8 will benefit from the restoration of the banquet scene. Gu 16 will take on the demand for consumption upgrades in the province, and Gu 20 will be constrained by the business scenario and relatively pressured. In the subregion, we expect better performance within the province, and the outside of the province is still in the stage of controlling goods and stabilizing prices. As this round of channel withdrawals nears its end, the company's operations are expected to improve, and fundamentals may return to a growth trajectory; the province's competitive advantage is still stable, based on deep roots in brands, channels, and banquet scenarios. The current stock price corresponding to PE is 24/20/17 times, respectively, maintaining a “buy” rating.

According to the Huaan Securities Research Report, Gujing Gongjiu's 26Q3 revenue was 2,639 million yuan, up 3.69% year on year; net profit to mother was 95 million yuan, down 68.04% year on year; 26Q3 revenue recovery was in line with market expectations. By product, Gu 8/16 is expected to contribute the main increase. Gu 8 will benefit from the restoration of the banquet scene. Gu 16 will take on the demand for consumption upgrades in the province, and Gu 20 will be constrained by the business scenario and relatively pressured. In the subregion, we expect better performance within the province, and the outside of the province is still in the stage of controlling goods and stabilizing prices. As this round of channel withdrawals nears its end, the company's operations are expected to improve, and fundamentals may return to a growth trajectory; the province's competitive advantage is still stable, based on deep roots in brands, channels, and banquet scenarios. The current stock price corresponding to PE is 24/20/17 times, respectively, maintaining a “buy” rating.