Investment Rating - The report maintains an "Outperform" rating for Zhenjiu Lidu (6979 HK) with a target price of 13.5 HKD, indicating a 23% upside potential based on a 20X PE valuation for 2024 [12][16]. Core Insights - In 2023, Zhenjiu Lidu achieved a revenue of 7.03 billion yuan, a year-on-year increase of 20.1%, slightly exceeding market expectations. The net profit reached 2.33 billion yuan, with a non-deductible net profit of 1.62 billion yuan, reflecting a 34.9% year-on-year growth [10][15]. - The company plans to enhance its strategic positioning for the Zhenjiu and Lidu divisions in 2024, focusing on channel expansion and product upgrades to sustain growth [11][16]. Summary by Sections Financial Performance - Revenue for 2023 was 7.03 billion yuan, with Zhenjiu, Lidu, Xiangjiao, and Kaikouxiao contributing 4.58, 1.11, 0.83, and 0.39 billion yuan respectively, showing growth rates of 19.9%, 25.1%, 17.0%, and 13.6% year-on-year [10][15]. - The gross profit margin expanded by 2.7 percentage points to 58%, with Zhenjiu and Lidu showing significant improvements in their margins [10][15]. - The company reported a net profit margin of 23% for 2023, with a significant increase in the second half of the year [10][15]. Future Outlook - Revenue projections for 2024-2026 are set at 8.46, 10.16, and 12.24 billion yuan, with expected year-on-year growth rates of 20.3%, 20.2%, and 20.4% respectively [11][16]. - The net attributable profit is forecasted to be 1.73, 2.24, and 3.02 billion yuan for the same period, with non-deductible net profits expected to grow at 28.5%, 25%, and 24% year-on-year [11][16]. Strategic Initiatives - The company is shifting its business unit structure from product-based to channel-based for Zhenjiu, aiming to enhance market penetration and sales efficiency [11][16]. - New product launches, including the fourth generation of Zhen 15, are anticipated to drive both volume and price increases in 2024 [11][16].
2023年报业绩点评：收入利润符合预期，2024年稳健经营持续增长