2023完美收官，2024如期开门红

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 302.3 CNY per share, indicating a potential upside from the current price of 245.58 CNY [3][6]. Core Views - The company reported a strong performance in 2023, with revenue increasing by 21.8% year-on-year to 31.93 billion CNY and net profit rising by 28.9% to 10.44 billion CNY [1]. - The Qinghua series continues to drive growth, contributing approximately 14.7 billion CNY in revenue, accounting for 46% of total revenue [1]. - The company has seen significant growth in both domestic and southern markets, with revenue from domestic markets increasing by 20.4% and from southern markets by over 30% [1]. - In Q1 2024, the company achieved a revenue increase of 20.9% year-on-year to 15.34 billion CNY, with net profit growing by 30.0% to 6.26 billion CNY [1]. - The company aims for a revenue growth target of around 20% for 2024, with a clear strategy for high-quality development [1]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 31.93 billion CNY, with a growth rate of 21.8% compared to 2022 [2]. - The net profit for 2023 was 10.44 billion CNY, reflecting a growth rate of 28.9% [2]. - For Q1 2024, revenue reached 15.34 billion CNY, up 20.9% year-on-year, and net profit was 6.26 billion CNY, up 30.0% [1][2]. Revenue Breakdown - The Qinghua series generated approximately 14.7 billion CNY in revenue in 2023, leading to a 22.6% increase in mid-to-high-end and other liquor revenues [1]. - The company’s revenue from domestic markets was 12.08 billion CNY, a 20.4% increase, while revenue from southern markets exceeded 30% growth [1]. Profitability Metrics - The gross margin for 2023 was 75.3%, slightly down by 0.1 percentage points year-on-year [1]. - The net profit margin improved to 32.7% in 2023, up by 1.8 percentage points year-on-year [1]. Future Outlook - The company has set a clear target for 2024, aiming for a revenue growth of around 20% [1].