(洋河股份)Grow Steadily, Return with Accumulated Stren

Grow Steadily, Return with Accumulated Strength研报日期：2020-03-19洋河股份(002304)Company ProfileJiangsu Yanghe Brewery Joint-Stock Co., Ltd. is a China-based company, principally engaged in theproduction and distribution of liquor and related products. The Company produces liquor productsand red wine products. The Company's major liquor offerings include Yanghe, Shuanggou and Siyangseries. The Company primarily distributes its products within domestic markets, with Jiangsu Provinceas its main market. (Source: Reuters)Investment HighlightsJiangsu Yanghe Brewery (the company) has a high business stability and a strong competitive moat.At a regional level, the company has basically covered the entire domestic market; at a product level,its classic spirit series are priced at a range from CNY 100 level to high-end level. Thewell-proportio