CHANGYU(SZ:000869) Huaxin Securities·2024-04-11 16:00Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance [11][24]. Core Views - The company has exceeded performance expectations, achieving profitability after a turnaround, with total revenue of 4.385 billion yuan in 2023, a year-on-year increase of 11.89% [11][24]. - The company aims for a revenue target of no less than 4.7 billion yuan in 2024, with a focus on controlling costs and expenses below 3.7 billion yuan [11]. - The report highlights the successful implementation of a high-end product strategy, resulting in improved product structure and profitability [11][24]. Financial Performance Summary - In 2023, the company reported a net profit of 2.351 billion yuan, marking a significant recovery from previous losses [11]. - The gross margin and net margin for 2023 were 59.25% and 12.00%, respectively, reflecting year-on-year increases of 2.13 and 0.99 percentage points [11]. - The operating cash flow for 2023 was 1.173 billion yuan, an increase of 35.01% year-on-year, indicating strong cash generation capabilities [11]. Revenue Breakdown - The company's revenue from wine, brandy, and tourism in 2023 was 3.139 billion yuan, 1.153 billion yuan, and 83 million yuan, respectively, with year-on-year growth rates of 10.48%, 16.35%, and 8.59% [11][12]. - Domestic revenue growth outpaced international revenue, with domestic revenue reaching 3.762 billion yuan, a 13.27% increase, while international revenue was 623 million yuan, a 4.19% increase [12]. Future Projections - The company forecasts revenue growth rates of 10.8%, 10.6%, and 9.7% for 2024, 2025, and 2026, respectively [25]. - Projected net profits for 2024, 2025, and 2026 are 589 million yuan, 653 million yuan, and 732 million yuan, with growth rates of 10.6%, 10.8%, and 12.2% [25].