Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected price increase of over 20% in the next six months [2][4]. Core Insights - The company achieved a revenue of 7.03 billion RMB in 2023, representing a year-on-year growth of 20%. The Non-GAAP net profit reached 1.623 billion RMB, up 35.5% year-on-year. The proposed dividend is 0.18 HKD per share, totaling approximately 550 million RMB, which is about 34% of the Non-GAAP net profit [4][5]. - The company maintains its profit forecast for 2024-2026, projecting Non-GAAP net profits of 2.014 billion RMB, 2.372 billion RMB, and 2.761 billion RMB respectively, with year-on-year growth rates of 24%, 18%, and 16% [4][5]. - The company focuses on the mid-to-high-end market segment, with strong growth potential for its key products, particularly "珍酒" and "李渡" brands, which are expected to continue their robust growth momentum [4][5]. Financial Performance Summary - In 2023, the company reported a gross margin of 58%, an increase of 8 percentage points year-on-year. The gross margins for its main brands were 58% for "珍酒", 68.4% for "李渡", 59.1% for "湘窖", and 40.7% for "开口笑" [4][5]. - The company’s revenue is projected to grow to 8.213 billion RMB in 2024, with a year-on-year growth rate of 17%. The Non-GAAP net profit is expected to reach 2.014 billion RMB, reflecting a growth rate of 24% [5][8]. - The company’s operating profit for 2023 was 2.116 billion RMB, with a net profit margin of 23%, an increase of 3 percentage points year-on-year [4][8].
23年顺利收官，24年继续深化全国化