The Dongwu Securities Research Report pointed out that Yingjiagongjiudong has good potential and maintained steady growth in Q3. Net profit for 26Q1-Q3 was 1.58 billion yuan, +4.3% year-on-year; of these, net profit for 26Q3 was 410 million yuan, +8.6% year-on-year. Q3 continued high-quality growth, and the province's share continued to rise. By product, the 26Q1-Q3 company's revenue for high-end and regular products was +7.8% and +4.5%, respectively. The quarterly growth rate of medium and high-end products was +8.9%, +7.2%, and +4.5%. It is expected that core products such as Dong6/Dong9 will continue to grow well, and their competitiveness in banquets and other scenarios will continue to strengthen, driving the company's high-end products to continue to grow. Looking at the medium to long term, the company's Dongzang series products have a stable price market and good inventory in the province. After years of cultivation, they already have strong brand awareness. The potential energy is expected to continue to rise under the resonance of brand momentum and channel thrust, driving the company's market share to continue to increase. 26Q3 revenue continued to grow steadily, seizing opportunities during the industry's recovery period. Referring to the business pace for the third quarter, adjust the 2026-2028 net profit forecast to be 21.0, 22.8, and 25.3, corresponding to the current latest PE being 17, 16, and 14X, respectively, maintaining the “buy” rating.

The Dongwu Securities Research Report pointed out that Yingjiagongjiudong has good potential and maintained steady growth in Q3. Net profit for 26Q1-Q3 was 1.58 billion yuan, +4.3% year-on-year; of these, net profit for 26Q3 was 410 million yuan, +8.6% year-on-year. Q3 continued high-quality growth, and the province's share continued to rise. By product, the 26Q1-Q3 company's revenue for high-end and regular products was +7.8% and +4.5%, respectively. The quarterly growth rate of medium and high-end products was +8.9%, +7.2%, and +4.5%. It is expected that core products such as Dong6/Dong9 will continue to grow well, and their competitiveness in banquets and other scenarios will continue to strengthen, driving the company's high-end products to continue to grow. Looking at the medium to long term, the company's Dongzang series products have a stable price market and good inventory in the province. After years of cultivation, they already have strong brand awareness. The potential energy is expected to continue to rise under the resonance of brand momentum and channel thrust, driving the company's market share to continue to increase. 26Q3 revenue continued to grow steadily, seizing opportunities during the industry's recovery period. Referring to the business pace for the third quarter, adjust the 2026-2028 net profit forecast to be 21.0, 22.8, and 25.3, corresponding to the current latest PE being 17, 16, and 14X, respectively, maintaining the “buy” rating.