WLY(SZ:000858) Huaxin Securities·2024-06-30 05:30Investment Rating - The report maintains a "Buy" investment rating for Wuliangye [4] Core Views - The company is focusing on five key areas to achieve stable growth and enhance its market position, emphasizing quality, brand, market presence, and systematic governance [3][4] - The company has demonstrated consistent double-digit growth in revenue and profit over the past eight years, with net profit and tax contributions exceeding 30 billion in 2023 [2][3] Summary by Relevant Sections Financial Performance - The company achieved a revenue of 83.27 billion in 2023, with a projected growth rate of 12.6% for the same year and expected revenues of 92.36 billion, 102.74 billion, and 114.59 billion for 2024, 2025, and 2026 respectively [5][6] - The net profit for 2023 was 30.21 billion, with projections of 33.96 billion, 38.46 billion, and 43.77 billion for the following three years, reflecting a growth rate of 13.2% in 2023 and 12.4% in 2024 [5][6] Earnings Forecast - The expected EPS for 2024, 2025, and 2026 are 8.75, 9.91, and 11.28 respectively, with corresponding PE ratios of 15, 13, and 11 [4][6] Market Strategy - The company is enhancing its product matrix to meet diverse market demands, focusing on both quality and quantity to drive high-quality development [3][4] - The brand is actively participating in various forums and events to increase its visibility and market presence [2][3] Operational Efficiency - The company is committed to improving its cash dividends and increasing returns to investors, with a focus on modern management practices to ensure high-quality development [3][4]