Investment Rating - The report maintains a "Buy" rating for the company珍酒李渡 (6979.HK) [4][6] Core Views - The company reported its first annual performance post-IPO, achieving a revenue of 7.03 billion CNY, a year-on-year increase of 20.1%, and a net profit of 2.33 billion CNY, a significant year-on-year growth of 126.0% [4][6] - The adjusted net profit reached 1.62 billion CNY, reflecting a year-on-year growth of 35.5% [4] - The second half of 2023 saw revenue of 3.51 billion CNY, up 25.6% year-on-year, and an adjusted net profit of 820 million CNY, up 52.0% year-on-year [4][5] Financial Performance - The company’s revenue for 2023 is projected to be 8.45 billion CNY in 2024, with a year-on-year growth rate of 20.1% [6][8] - The gross profit margin improved to 58.2% in the second half of 2023, an increase of 3.2 percentage points year-on-year [5][8] - The company’s net profit margin for 2023 is expected to be 33.1%, with a projected net profit of 2.04 billion CNY in 2024 [8][9] Brand Performance - In the second half of 2023, the brand珍酒 generated revenue of 2.28 billion CNY, while李渡 achieved 620 million CNY, marking year-on-year growth rates of 25.4% and 32.6% respectively [5] - The high-end product segment saw a revenue increase of 34.3%, indicating strong demand in premium categories [5] Market Position - The company’s market capitalization is currently 33.5 billion CNY, with an adjusted net profit corresponding to a PE ratio of 16.4x for 2024 [6][8] - The company has expanded its distribution channels, with the number of distributors and retail outlets increasing significantly by the end of 2023 [5][6]
珍十五放量成长，李渡表现优异