啤酒高端化稳步向前，白酒重塑成效显著

Investment Rating - The report assigns a "Buy" rating with a target price of HKD 41.3, representing a potential upside of 21.8% from the current price of HKD 33.9 [2][3]. Core Insights - The company has shown steady performance in FY23 with a revenue of RMB 38.93 billion, a year-on-year increase of 10%. The EBIT recorded was RMB 6.96 billion, reflecting a significant year-on-year growth of 33% due to a low base effect [1][3]. - The beer business is focused on premiumization, with a revenue of RMB 36.87 billion in FY23, up 5% year-on-year. The average selling price increased by 4% to RMB 3,306 per thousand liters, driven by product mix upgrades [1][3]. - The white liquor business has successfully undergone a transformation, achieving a revenue of RMB 2.07 billion in FY23, with an EBIT of RMB 130 million. The company has effectively reduced inventory levels and improved pricing strategies [1][2]. Summary by Sections Beer Business - The beer segment's revenue reached RMB 36.87 billion, with a stable volume of 11.15 million kiloliters sold. The sales of premium and above products grew by 18.9%, accounting for 22.4% of total sales [1][2]. - The gross margin for the beer business improved to 40.2%, up 1.7 percentage points year-on-year, with EBIT and net profit contributions of RMB 7.03 billion and RMB 5.25 billion, respectively [1][3]. White Liquor Business - The white liquor segment generated RMB 2.07 billion in revenue, with an EBIT of RMB 130 million. After adjusting for intangible asset amortization from the acquisition of Guizhou Jinsha, the EBIT would be RMB 797 million, reflecting a robust EBIT margin of 38.6% [2][3]. - The company has successfully reduced inventory by approximately RMB 800 million, achieving a significant improvement in pricing for key products [1][2]. Financial Projections - The report forecasts net profits of RMB 60.7 billion, RMB 70.2 billion, and RMB 80.3 billion for the years 2024 to 2026, respectively, with a target price based on a 20x PE ratio for FY24 earnings [3][4].