According to the Huaan Securities Research Report, the structural upgrading of Yingjiagong Liquor products continues. 26Q3 revenue was 1,413 billion yuan, up 4.25% year on year; net profit to mother was 414 million yuan, up 8.58% year on year. The 26Q3 results are in line with market expectations. By product: 26Q3's medium and high-end wine revenue each increased 6.4%/0.2% year-on-year. The Dongzang series continued a steady growth trend, leading the upgrading of the product structure. Among them, the market potential of Dong9 in bases such as Hefei has increased, and is expected to lead the growth rate and is expected to relay growth; the consumer atmosphere of Dong6 continues to radiate into markets such as northern Anhui, and is expected to achieve steady growth. The company has returned to growth, the hidden consumption climate within the province continues to improve, and the outside of the province has ushered in steady improvements. Combined with product structure upgrades, profit flexibility has been released, and the fundamentals industry is leading. The current stock price is 17/16/14 times PE, respectively, maintaining a “buy” rating.

According to the Huaan Securities Research Report, the structural upgrading of Yingjiagong Liquor products continues. 26Q3 revenue was 1,413 billion yuan, up 4.25% year on year; net profit to mother was 414 million yuan, up 8.58% year on year. The 26Q3 results are in line with market expectations. By product: 26Q3's medium and high-end wine revenue each increased 6.4%/0.2% year-on-year. The Dongzang series continued a steady growth trend, leading the upgrading of the product structure. Among them, the market potential of Dong9 in bases such as Hefei has increased, and is expected to lead the growth rate and is expected to relay growth; the consumer atmosphere of Dong6 continues to radiate into markets such as northern Anhui, and is expected to achieve steady growth. The company has returned to growth, the hidden consumption climate within the province continues to improve, and the outside of the province has ushered in steady improvements. Combined with product structure upgrades, profit flexibility has been released, and the fundamentals industry is leading. The current stock price is 17/16/14 times PE, respectively, maintaining a “buy” rating.