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中信证券6月26日发布公告。Based on the Company"s strategic presence backed by the optimization and upgrading of its product mix and the assumption that its gross profit margin (GPM) will increase by1-2ppts every year, we estimate that the Company"s revenue will reach Rmb7,036bn/8,579mn/10,214mn in2023E-25E and its net profit will reach Rmb1,609mn/1,988mn/2,451mn, corresponding to EPS of Rmb0.49/0.61/0.75. We select regional baijiu listcos Yanghe Brewery (002304.SZ), King"s Luck (603369.SH), Gujing Distillery (000596.SZ), Kouzi Distillery (603589.SH), Yingjia Distillery (603198.SH), and Jinhui Liquor (603919.SH) as comparable companies, which are trading at18x-30x2023E PE. Considering the long-term growth potential of the Company, we assign20x2023E PE to derive a target price of HK$10. Based on the PS valuation, the stock is also trading in a reasonable range. Taken together, we initiate coverage with a "BUY" rating.