2023年年报点评：巍巍巨轮，稳步前行

Investment Rating - The investment rating for the company is "Buy" [13][20]. Core Views - The company achieved a total revenue of 150.56 billion yuan in 2023, representing a year-on-year growth of 18.04%, and a net profit of 74.73 billion yuan, with a year-on-year increase of 19.16% [8][19]. - The company aims for a revenue growth target of 15% for 2024, with a planned sales volume of approximately 45,000 tons, reflecting a 7% increase compared to 2023 [9][20]. - The company continues to enhance its direct sales channels, with direct sales revenue reaching 67.23 billion yuan, accounting for 45.7% of total revenue, which is an increase of 5.8 percentage points year-on-year [19]. Financial Summary - The company's total assets are projected to grow from 272.7 billion yuan in 2023 to 400.12 billion yuan by 2026 [4]. - The net profit is expected to reach 87.18 billion yuan in 2024 and 101.76 billion yuan in 2025, with corresponding year-on-year growth rates of 16.65% and 16.73% respectively [20]. - The earnings per share (EPS) is forecasted to increase from 59.49 yuan in 2023 to 92.79 yuan in 2026 [8][20]. Revenue Breakdown - The revenue from the flagship product, Moutai liquor, was 126.59 billion yuan in 2023, with a year-on-year growth of 17.4% [19]. - Series liquor revenue reached 20.63 billion yuan, reflecting a year-on-year increase of 29.4% [19]. - The company plans to focus on enhancing its product mix and expanding its market presence through digital transformation of its sales channels [9][20].