Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has demonstrated strong growth momentum through multi-brand operations, with a focus on product structure upgrades and market expansion [6] - The financial performance for 2023 shows significant revenue and profit growth, with a proposed dividend of 0.18 HKD per share [2][3] - The company is expected to continue its market expansion, with revenue projections for 2024-2026 indicating substantial growth [6] Financial Performance Summary - For the second half of 2023, the company reported revenue of 3.51 billion (up 25.6%) and a net profit of 740 million (up 46.9%) [2] - The total revenue for 2023 reached 7.03 billion (up 20.1%), with a net profit of 2.33 billion (up 126.0%) [2] - The company’s gross margin improved to 58.0%, reflecting a 2.7 percentage point increase year-on-year [3] Revenue Breakdown - In 2023, the company achieved revenue of 7.03 billion, with high-end products contributing significantly, showing a 33.2% increase in revenue from high-end segments [3] - The average selling price per ton increased to 270,000 (up 10.0%), indicating strong pricing power [3] - The main products, including珍酒 and李渡, reported revenue growth of 19.9% and 25.1% respectively [3] Profitability Analysis - The company’s Non-GAAP net profit margin for 2023 was 23.1%, up 2.6 percentage points year-on-year [3] - The improvement in profitability is attributed to product structure optimization and a decrease in production costs [3] - The company plans to maintain high marketing expenditures to capture market share, with sales and management expense ratios at 23.1% and 6.8% respectively [3] Future Earnings Forecast - The company is projected to achieve total revenue of 8.47 billion, 10.04 billion, and 11.91 billion for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 20.4%, 18.6%, and 18.6% [6] - The forecasted net profit for 2024 is 1.84 billion, with a decrease of 21.0% compared to 2023, followed by growth in subsequent years [6] - The current stock price corresponds to a PE ratio of 20.1 for 2024, 16.4 for 2025, and 13.3 for 2026 [6]
珍酒李渡23年报点评：多品牌运作，增长势能充足