点评报告：总体业绩稳步增长，产品结构持续优化

Investment Rating - The investment rating for the company is "Add" [10] Core Views - The company achieved a revenue of 33.937 billion yuan in 2023, representing a year-on-year increase of 5.49%, and a net profit attributable to shareholders of 4.268 billion yuan, up 15.02% year-on-year [2][3] - Despite a decline in sales volume due to fluctuations in the domestic beer market, price increases have driven performance growth, with an average price per ton increasing by 6.34% to 4,238.42 yuan/ton in 2023 [3] - The company is focusing on optimizing its product structure, with a notable performance in mid-to-high-end products, which saw a sales volume increase of 10.50% year-on-year [3] Summary by Sections Financial Performance - In 2023, the company reported total beer sales of approximately 8.007 million kiloliters, a decrease of 0.81% year-on-year, with Q4 sales down 10.09% to 713,000 kiloliters [3] - The gross margin for 2023 was 38.66%, an increase of 1.81 percentage points year-on-year, while the net margin was 12.81%, up 0.98 percentage points [3] - The company’s sales expense ratio increased slightly to 13.87% in 2023, attributed to increased brand promotion and employee compensation [3] Product Development - The company is enhancing its product lineup with the "1+1+1+2+N" strategy, focusing on flagship products and high-end offerings, including the launch of new premium products [3][7] - The main brand achieved a sales volume of 4.56 million kiloliters in 2023, with mid-to-high-end products contributing significantly to revenue growth [3] Future Outlook - The company is expected to benefit from the recovery in on-premise consumption and a decrease in raw material costs, with projected net profits for 2024-2026 of 4.991 billion, 5.545 billion, and 6.183 billion yuan respectively [7][8] - The company maintains a leading position in brand value within the Chinese beer industry, with a brand value of 240.689 billion yuan in 2023 [7]