业绩表现优异，24年势能不减

Investment Rating - The report gives a "Strong Buy" rating for Guizhou Moutai, with a target price of 2101 CNY, reflecting a valuation of 30 times earnings [24]. Core Insights - Guizhou Moutai achieved a revenue of 150.56 billion CNY in 2023, representing a year-on-year growth of 18.04%, and a net profit of 74.73 billion CNY, up 19.16% year-on-year [8]. - The company’s direct sales revenue reached 67.23 billion CNY in 2023, with a direct sales ratio of 45.52%, an increase of 5.37 percentage points year-on-year, driven by the rapid growth of the i Moutai platform [2][8]. - The report anticipates a revenue growth of approximately 15% for 2024, supported by price adjustments and continued growth in non-standard products and direct sales channels [24]. Summary by Sections Financial Performance - In 2023, Moutai liquor generated 126.59 billion CNY in revenue, a 17.39% increase, with sales volume reaching 42,100 tons, up 11.1% year-on-year [8]. - The gross profit margin for the company was 91.96% in 2023, with a slight increase from the previous year [24]. Sales Channels - The i Moutai platform contributed significantly to the revenue growth, achieving 22.37 billion CNY in 2023, a remarkable 88.29% increase year-on-year [2]. Future Projections - The report projects that Guizhou Moutai will achieve a revenue of 173.29 billion CNY in 2024, with a net profit of 87.98 billion CNY, corresponding to an EPS of 70.04 CNY [12][24].