WLY(000858) 国泰君安·2024-07-02 02:31Investment Rating - The report maintains a "Buy" rating for Wuliangye (000858.SZ) [2][3] Core Views - The company emphasizes steady growth, with a focus on increasing dividend payouts. The current product strategy is clear, with the main growth coming from products like 1618 and lower-alcohol options, while maintaining stable sales overall. The revenue growth target for 2024 is set at double digits [2][3] - The company plans to increase its cash dividend steadily, aiming to provide good returns to shareholders. The dividend per share for 2023 is projected at 4.67 RMB (including tax), corresponding to a dividend yield of 3.64% based on the closing price on July 1 [2][3] - The product strategy is focused on strict volume control for the flagship product, with growth contributions from 1618 and other products. The company is actively seeking growth through product structure adjustments and market channel expansion, maintaining stable performance despite a weak external environment [2][3] Financial Summary - The projected financials for Wuliangye are as follows: - Revenue for 2024 is estimated at 92.484 billion RMB, with a growth rate of 11.1% - Net profit attributable to shareholders is projected at 33.903 billion RMB for 2024, reflecting a growth rate of 12.2% - Earnings per share (EPS) is expected to be 8.73 RMB for 2024, with a steady increase in subsequent years [7][8] - The company’s current market capitalization is approximately 498.01 billion RMB, with a price-to-earnings (P/E) ratio of 20X for 2024 [3][4] Market Performance - The stock has experienced a 12-month decline of 22% and a 3-month decline of 18% [5] - The stock price range over the past 52 weeks has been between 123.82 RMB and 181.18 RMB [4]