2023年报点评：圆满收官，稳健前行

Investment Rating - The report maintains an "Add" rating for the company [2][21]. Core Views - The company demonstrates stable operating conditions with a slight improvement in profitability, achieving a gross margin of 91.96% in 2023, up by 0.09 percentage points year-on-year [1]. - The company has announced a special dividend, reflecting confidence in its market position [1][18]. - The company reported a revenue of 1,505.60 billion yuan in 2023, representing an 18.04% year-on-year growth, and a net profit of 747.34 billion yuan, up by 19.16% [8][21]. Financial Summary - Revenue and Profitability: - 2023 revenue: 1,505.60 billion yuan, with a growth rate of 18.04% [4][21]. - 2023 net profit: 747.34 billion yuan, with a growth rate of 19.16% [4][21]. - 2023 EBITDA: 1,038.20 billion yuan [4]. - Earnings Per Share (EPS): - 2023 EPS: 59.49 yuan, projected to grow to 70.06 yuan in 2024 [4][21]. - Valuation Ratios: - 2023 P/E ratio: 29.01, expected to decrease to 24.47 in 2024 [4][21]. - 2023 P/B ratio: 10.05, projected to decline to 8.71 in 2024 [4][21]. - Cash Flow: - Operating cash flow for 2023: 665.93 billion yuan, up by 81.46% year-on-year [18]. - Total dividends distributed in 2023: 565.5 billion yuan, accounting for 75.67% of net profit [18]. - Segment Performance: - Revenue from Moutai liquor and series liquor in 2023: 1,265.89 billion yuan and 206.30 billion yuan, respectively, with year-on-year growth of 17.39% and 29.43% [19]. - Direct sales channel revenue in 2023: 672.33 billion yuan, up by 36.16% [19]. - Future Projections: - Expected revenue for 2024: 1,768.20 billion yuan, with a growth rate of 17.44% [4][21]. - Expected net profit for 2024: 880.04 billion yuan, with a growth rate of 17.76% [4][21].