CITIC Securities: maintain a "strongly recommended" rating on Zhenjiu Lidu (06979.HK), and Da Zhen is expected to become a leading brand in the mid- to high-end liquor market.

According to the Zhitong Finance and Economics APP, CMB Securities released a research report stating that it maintains a "strongly recommended" rating for Jiami Jiu Lidu (06979.HK), with innovative models opening up and a positive outlook for long-term development. The company's financial report for the first half of 25H1 shows the beginning of inventory clearance, and the company has introduced Da Zhen to respond to industry changes. Looking ahead to 25H2, Da Zhen is expected to contribute significantly, with a focus on the company's pricing and channel management capabilities. If managed well, Da Zhen is expected to become a rising brand in the mid-to-high-end Chinese liquor market. The bank maintains adjusted net profits for 25-27 years at 14.1 billion yuan, 15.4 billion yuan, and 18.8 billion yuan respectively, with corresponding PE ratios of 26.8 times in 25 years.