2023年年报点评：量价齐增，盈利能力有望改善

Investment Rating - The report maintains a "Recommended" rating for the company [3]. Core Views - The company achieved a total revenue of 5.378 billion yuan in 2023, representing a year-on-year increase of 9.13%. The net profit attributable to shareholders was 624 million yuan, up 4.22% year-on-year [2][3]. - The company's sales volume reached 1.4028 million kiloliters, an increase of 4.79% year-on-year, outperforming the industry average [2]. - The product structure continues to improve, with high-end products seeing a revenue increase of 15.12% year-on-year, contributing to a stable increase in average price per ton [2]. - The company is expected to benefit from improved barley procurement prices in 2024, enhancing profitability [2]. Summary by Sections Financial Performance - In 2023, the company reported total revenue of 5.378 billion yuan and a net profit of 624 million yuan. The fourth quarter saw revenue of 827 million yuan, a slight increase of 1.16% year-on-year, but a net loss of 20 million yuan [2][3]. - The gross profit margin for 2023 was 42.82%, an increase of 0.38 percentage points year-on-year, driven by improved pricing [2][7]. Sales and Market Dynamics - The company’s sales channels showed positive growth, with revenue from supermarkets increasing by 38.51% and from e-commerce by 17.74% [2]. - The core market in South China saw a revenue increase of 10.5%, while other regions experienced a decline of 12.2% [2]. Future Projections - Revenue projections for 2024, 2025, and 2026 are 5.819 billion yuan, 6.244 billion yuan, and 6.643 billion yuan, respectively, with expected growth rates of 8.2%, 7.3%, and 6.4% [3][7]. - The net profit attributable to shareholders is projected to reach 741 million yuan in 2024, reflecting a growth rate of 18.8% [3][7].