开系升级挺价，夯实基本盘

Investment Rating - The report maintains a "Buy-A" investment rating for the company, with a target price of 70 yuan over the next six months, corresponding to a dynamic PE of 23x for 2024 [2][4]. Core Views - The company is implementing a price adjustment strategy for its products, with price increases of 20, 10, and 8 yuan per bottle for different product lines starting March 1, 2024. This is aimed at enhancing channel profits and ensuring a stable market presence amid increasing competition [1]. - The company has reported strong sales performance during the Spring Festival, with double-digit growth in sales volume for its key products, indicating a positive brand momentum [1]. - The company is expected to achieve revenue growth of 28.1%, 23.0%, and 21.4% for the years 2023, 2024, and 2025, respectively, with net profits projected at 31.8 billion, 38.4 billion, and 46.0 billion yuan for the same years [2][3]. Financial Summary - Revenue for 2023 is estimated at 10,104.5 million yuan, with net profit expected to reach 3,184.6 million yuan, resulting in a PE ratio of 20x [3][9]. - The company’s revenue is projected to grow to 12,430.8 million yuan in 2024 and 15,089.0 million yuan in 2025, with net profits of 3,838.9 million yuan and 4,596.3 million yuan, respectively [3][10]. - The company’s gross profit margin is expected to improve, with a projected gross margin of 79.8% in 2024 and 80.2% in 2025 [9][10].