Investment Rating - The report maintains a "Buy" rating for the company with a target price of 17.48 CNY per share [8][10][13]. Core Insights - The company achieved a revenue of 10.12 billion CNY in 2023, representing a year-on-year growth of 16.2%. However, the net profit attributable to shareholders decreased by 35.8% to 235 million CNY [7][9]. - The white liquor business saw both volume and price increases, with revenue reaching 9.4 billion CNY, up 20.0% year-on-year. Sales volume and price per ton increased by 7.5% and 11.7%, respectively [7][9]. - The company has opened 201 new stores, enhancing store quality and strengthening group purchase resources [7]. Financial Performance Summary - Revenue: 2023 revenue was 10,121 million CNY, with a growth rate of 16.2% compared to 2022 [9]. - Net Profit: The net profit attributable to shareholders was 235 million CNY, down 35.8% from the previous year [9]. - Earnings Per Share (EPS): The EPS for 2023 was 0.56 CNY, with projections of 0.68 CNY for 2024 and 0.81 CNY for 2025 [9][13]. - Gross Margin: The gross margin for 2023 was 10.7%, a decrease of 3.3 percentage points year-on-year [9]. - Sales and Management Expenses: The sales expense ratio was 6.4%, while the management expense ratio remained stable at 1.8% [7]. Future Projections - The report forecasts a decrease in revenue and gross margin for 2024-2025, with expected EPS of 0.68 CNY and 0.81 CNY for 2024 and 2025, respectively [8][13]. - The company’s cash flow is robust, and the valuation method used is FCFF, resulting in an equity value of 7.3 billion CNY [13][14].
营收破百亿，23年圆满收官