高端化趋势不改，毛利率提升亮眼

Investment Rating - The investment rating for the company is "Outperform" [1] Core Insights - The company reported a total revenue of 33.937 billion yuan in 2023, representing a year-on-year increase of 5.5%. The net profit attributable to the parent company was 4.268 billion yuan, up 15.02% year-on-year. The fourth quarter saw a revenue of 2.958 billion yuan, down 3.4% year-on-year, with a net loss of 640 million yuan compared to a loss of 556 million yuan in the same period last year [5][6] - The product structure continues to improve, with market share in core regions increasing. In 2023, beer sales volume decreased by 0.8% while the price per ton increased by 6.2%. The price growth was slightly faster than in 2022, indicating resilience in the premium beer segment. In Q4, sales volume dropped by 10.1% while the price per ton rose by 7.5% [5][6] - The gross profit margin improved significantly, reaching 38.7%, an increase of 1.81 percentage points year-on-year. This improvement is attributed to the continued premiumization of beer prices and a decrease in raw material cost pressures [5][6] Financial Performance Summary - The company achieved total revenue of 33.937 billion yuan in 2023, with a year-on-year growth of 5.5%. The net profit was 4.268 billion yuan, reflecting a 15.0% increase year-on-year. The earnings per share (EPS) for 2023 was 3.13 yuan, with projections of 3.59 yuan for 2024 [7][9] - The gross margin for 2023 was 38.7%, with expectations to rise to 40.8% in 2024. The net profit margin improved to 12.6% in 2023, with forecasts of 13.9% for 2024 [7][9] - The company plans to continue optimizing its brand structure and enhancing its competitive advantage in the mid-to-high-end market segments in 2024 [5][6]