KWEICHOW MOUTAI(SH:600519)2024-04-02 16:00Investment Rating - The report maintains a "Recommended" rating for the company, indicating a strong performance outlook with stable growth prospects [7][18]. Core Insights - The company achieved a total revenue of 150.56 billion yuan in 2023, representing an 18% year-on-year increase, and a net profit attributable to shareholders of 74.73 billion yuan, up 19.2% year-on-year [18]. - The earnings per share (EPS) forecasts for 2024, 2025, and 2026 are 69.42 yuan, 80.48 yuan, and 92.32 yuan respectively, with corresponding P/E ratios of 25, 21, and 19 based on the closing price of 1714 yuan on April 2, 2024 [7][19]. - The company’s sales volume for 2023 increased by 11.1% to 42,100 tons, with a revenue of 126.6 billion yuan, reflecting a 17.4% increase [18]. Financial Summary - Revenue and Profit Forecasts: - 2023A Revenue: 150,560.33 million yuan - 2024E Revenue: 174,087.27 million yuan - 2025E Revenue: 200,957.59 million yuan - 2026E Revenue: 229,831.96 million yuan - 2023A Net Profit: 74,734.07 million yuan - 2024E Net Profit: 87,203.45 million yuan - 2025E Net Profit: 101,104.34 million yuan - 2026E Net Profit: 115,967.78 million yuan [19]. - Profitability Ratios: - Gross Margin: 91.96% in 2023, projected to remain stable around 92% through 2026 - Net Profit Margin: 19.16% in 2023, with a slight decrease projected in subsequent years [19]. - Valuation Metrics: - P/E Ratio: 28.81 in 2023, decreasing to 18.57 by 2026 - P/B Ratio: 9.98 in 2023, decreasing to 7.80 by 2026 - P/S Ratio: 14.30 in 2023, decreasing to 9.37 by 2026 [19].