Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company achieved a revenue of 10.121 billion yuan in 2023, representing a year-on-year increase of 16.22%, while the net profit attributable to the parent company was 235 million yuan, a decrease of 35.78% year-on-year [1] - The company is recognized as a leading distributor in the domestic liquor circulation sector, with stable upstream partnerships and strong channel, brand, and operational capabilities. The report highlights the potential for growth in the high-end liquor market and the value of diversified product offerings [17] Financial Performance Summary - The total gross margin for the year was 10.8%, a decrease of 3.3 percentage points year-on-year, with specific margins for liquor and wine at 9.3% and 33.3%, respectively [2] - The company reported a total operating income of 10.121 billion yuan for 2023, with projected revenues for 2024, 2025, and 2026 expected to be 11.285 billion yuan, 12.983 billion yuan, and 14.685 billion yuan, respectively [18] - The net profit attributable to the parent company for 2024, 2025, and 2026 is projected to be 283 million yuan, 341 million yuan, and 418 million yuan, respectively [18] Operational Strategy Summary - The company has focused on upgrading and developing its store network, with a total of 201 new stores opened during the reporting period. The brand "Hua Zhi Jiu Hang" has significantly increased its market share [16] - The company has strengthened its collaboration with renowned liquor manufacturers to enhance its premium product offerings, including partnerships with various brands to launch new products [16]
门店升级开发，酒水矩阵丰富