业绩再超预告兑现，夯实内功稳步前进

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [3][11]. Core Insights - The company achieved a total revenue of 150.56 billion yuan in 2023, representing an 18.0% year-on-year growth, with a net profit of 74.73 billion yuan, up 19.2% [2][3]. - The company has set a growth target of approximately 15% for 2024, reinforcing market confidence [2]. - The product matrix has been significantly enhanced, with the flagship product Maotai 1935 generating over 10 billion yuan in revenue, and the series liquor showing strong growth [2][3]. Financial Performance - In 2023, revenue from Maotai liquor and series liquor reached 126.59 billion yuan and 20.63 billion yuan, respectively, with year-on-year growth rates of 17.4% and 29.4% [2]. - The company reported a gross profit margin of 92.0% in 2023, with a slight increase in net profit margin to 49.6% [2][3]. - The weighted return on equity (ROE) reached 34.2% in 2023, reflecting a stable upward trend [2]. Revenue and Profit Forecast - Revenue growth is projected at 16.2% for 2024, 15.3% for 2025, and 14.7% for 2026, with net profit growth expected at 17.9%, 16.5%, and 15.5% respectively [3][14]. - The earnings per share (EPS) are forecasted to be 70.17 yuan, 81.75 yuan, and 94.41 yuan for the years 2024, 2025, and 2026 [3][14]. Market Position and Strategy - The company continues to strengthen its internal capabilities across product, marketing, and channel dimensions, with a focus on premiumization and expanding its product offerings [2]. - The direct sales channel has shown significant growth, with revenue increasing by 119.3% year-on-year, indicating a successful strategy in enhancing customer engagement [2].