Guotai Junan Securities: Maintain a buy rating on Jiujiu Li Du (06979), with a gradually stabilizing and improving trend.

Zhixun Finance APP learned that Guotai Haitong Securities released a research report stating that Zhenjiu Lidu (06979) has innovated its channel model, with the Great Zhen Wan Alliance and Zhen Fifteen Alliance plans attracting channel partners to join, and its performance is expected to gradually stabilize and rebound under a low base. The adjusted EPS forecast for 2026-2028 is revised to 0.24 yuan (previously 0.18 yuan), 0.28 yuan (0.20 yuan), 0.33 yuan (0.23 yuan) (RMB). Taking into consideration the valuation levels of comparable companies, especially for premium liquor, a PE of 32 times is given for Zhenjiu Lidu in 2026, maintaining a target price of 7.56 RMB (equivalent to approximately 8.69 HKD with 1 HKD = 0.8704 RMB) and recommending a hold rating.