2023年报点评：迈向卓越，只争朝夕

Investment Rating - The report maintains a "Strong Buy" rating for Kweichow Moutai (600519) with a target price of 2600 CNY [1][32]. Core Views - The 2023 annual report exceeded previous forecasts, with total revenue reaching 150.56 billion CNY, a year-on-year increase of 18.0%, and net profit attributable to shareholders at 74.73 billion CNY, up 19.2% [1]. - The company aims for a revenue growth target of around 15% for 2024, indicating strong confidence from management [1]. - The introduction of the "坛贮酒" product aimed at collectors is expected to activate a new growth engine for the company [1]. Financial Performance Summary - Revenue and Profit Growth: In 2023, Kweichow Moutai achieved total revenue of 150.56 billion CNY, a growth of 18.0% year-on-year, and net profit of 74.73 billion CNY, up 19.2% [1]. - Quarterly Performance: In Q4 2023, total revenue was 45.24 billion CNY, with a year-on-year increase of 19.8%, and net profit reached 21.86 billion CNY, up 19.3% [1]. - Sales and Cash Flow: Q4 sales receipts were 52.45 billion CNY, reflecting a growth of 17.4% [1]. The operating cash flow for Q4 was 16.59 billion CNY, down 39.2% due to financial company fund transfers [1]. - Profitability Metrics: The gross margin for 2023 was 92.1%, with a net profit margin of 51.5%, slightly up by 0.2 percentage points year-on-year [1]. Product and Channel Insights - Product Performance: Moutai liquor revenue grew by 17.4%, with sales volume reaching 42,100 tons, a year-on-year increase of 11% [1]. Series liquor revenue surpassed 20 billion CNY, growing 29.4% year-on-year [1]. - Sales Channels: Direct sales through i Moutai and offline channels increased by 14.5 percentage points to 45.7%, with growth rates of 88% and 20% respectively [1]. Future Outlook - Growth Strategy: The company projects a 15% revenue growth target for 2024, with Moutai liquor sales expected to grow by around 7% [1]. The series liquor segment is anticipated to grow by approximately 25% [1]. - Collector Market: The launch of "坛贮酒" is aimed at enhancing the collectible value of Moutai products, tapping into a new market segment [1].