Investment Rating - The report maintains a "Buy" rating for the company [13][17]. Core Views - The company has proposed a special dividend of RMB 3.92 per 10 shares, significantly higher than the average of RMB 1.92 over the past five years, reflecting confidence in future operations and commitment to shareholder returns [2][12]. - The company reported a revenue growth of 10.4% year-on-year in Q1 2024, with a notable increase in gross margin and a decrease in sales and management expense ratios, indicating a recovery in profitability [18]. Financial Summary - The projected revenue for 2024-2026 is RMB 113.3 billion, RMB 129.0 billion, and RMB 142.6 billion, with year-on-year growth rates of 11.9%, 13.9%, and 10.5% respectively [13]. - The expected net profit for the same period is RMB 2.8 billion, RMB 3.2 billion, and RMB 4.3 billion, with growth rates of 20.3%, 14.0%, and 31.8% respectively [13]. - The company's total assets are projected to be RMB 7,409.34 million, with a total market value of RMB 5,956.05 million [20].
华致酒行：首次发布特别分红，重视股东回报