Investment Rating - The report assigns a "Buy" rating to the company, with a current price of HKD 10.90 and a fair value of HKD 13.13, maintaining the previous "Buy" rating [1]. Core Insights - The company achieved a revenue of CNY 7.03 billion in 2023, representing a year-on-year growth of 20.1%, with an adjusted net profit of CNY 1.623 billion, up 35.5% year-on-year, meeting expectations [2]. - The overall gross margin increased by 2.71 percentage points to 58.02% in 2023, driven by product structure upgrades, cost reductions from self-brewed base liquor, and simplified packaging styles [2]. - The company is expected to maintain strong growth momentum in 2024, with notable performance from its brands, particularly Zhenjiu and Lidu, which saw revenues of CNY 4.58 billion and CNY 1.11 billion, respectively, with year-on-year growth of 19.9% and 25.1% [2]. - The forecast for 2024-2025 indicates revenues of CNY 8.507 billion, CNY 10.106 billion, and CNY 11.827 billion, with corresponding growth rates of 20.5%, 18.8%, and 17.0% [4]. Summary by Sections Financial Performance - In 2023, the company reported a revenue of CNY 7,059.71 million, with a growth rate of 20.1% compared to 2022 [4]. - The adjusted net profit for 2023 was CNY 1,622.60 million, reflecting a growth rate of 35.5% [4]. - The gross margin for 2023 was 58.02%, an increase from the previous year, attributed to various cost optimization strategies [2][4]. Growth Projections - The company anticipates revenue growth of 20.5% in 2024, followed by 18.8% in 2025, and 17.0% in 2026 [4]. - The adjusted net profit is projected to reach CNY 2,051.38 million in 2024, with a growth rate of 26.4% [4]. Valuation - The report suggests a valuation based on a 20x PE ratio for 2024, leading to a fair value estimate of HKD 13.13 per share [2].
多点开花，增长势能充足