Dongfang Securities: Maintains "Buy" rating on VATS, target price of 20.14 yuan

Dongfang Securities research report points out that instant retail channels have great potential, and VATS has a natural advantage. VATS has a wide layout of store channels, and "authenticity" addresses consumer pain points, giving it a natural advantage in instant retail channels. The company actively embraces instant retail channels, promoting business on platforms such as WeChat Mini Programs, Meituan, JD.com, Ele.me, Douyin Xiaoshida, and Taobao Flash Purchase. VATS has 2,000 stores and over 30,000 terminal service points nationwide, covering most core cities in China, providing an advantage in store channel layout. In addition, the company maintains long-term stable cooperative relationships with leading liquor enterprises to ensure product authenticity; for many years, the company has continuously built the "authenticity" brand image, which can address consumer doubts about the authenticity of liquor. Maintaining the FCFF valuation method, the company's equity value is estimated at 8.4 billion yuan, corresponding to a target price of 20.14 yuan, and maintains a "buy" rating