YINGJIA DISTILLERY(SH:603198) Ping An Securities·2024-04-26 07:30Investment Rating - The report maintains a "Recommended" rating for the company [3][6] Core Views - The company achieved a revenue of 6.7 billion yuan in 2023, representing a year-on-year growth of 22%, with a net profit of 2.3 billion yuan, up 34% year-on-year [3][5] - The first quarter of 2024 saw a revenue of 2.3 billion yuan, a 21% increase year-on-year, and a net profit of 910 million yuan, growing 30% year-on-year [3][5] - The company plans to distribute a cash dividend of 1.3 yuan per share, totaling 1.04 billion yuan [3] Financial Performance Summary - Revenue (in million yuan): - 2022: 5,505 - 2023: 6,720 - 2024E: 8,221 - 2025E: 10,001 - 2026E: 11,928 - Year-on-Year Growth (YOY%): - 2023: 22.1% - 2024E: 22.3% - 2025E: 21.6% - 2026E: 19.3% [4] - Net Profit (in million yuan): - 2022: 1,705 - 2023: 2,288 - 2024E: 2,912 - 2025E: 3,658 - 2026E: 4,488 - Year-on-Year Growth (YOY%): - 2023: 34.2% - 2024E: 27.3% - 2025E: 25.6% - 2026E: 22.7% [4] - Gross Margin (%): - 2023: 71.4% - 2024E: 73.6% - 2025E: 75.3% - 2026E: 76.8% [4] - Net Margin (%): - 2023: 34.0% - 2024E: 35.4% - 2025E: 36.6% - 2026E: 37.6% [4] Product and Market Insights - The company’s high-end product line, particularly the "洞藏" series, has seen significant growth, contributing to a revenue increase of 22% in 2023, with volume and price contributions of +16% and +6% respectively [5][6] - In 2023, revenue from mid-to-high-end liquor reached 5.02 billion yuan, up 28% year-on-year, while ordinary liquor revenue was 1.38 billion yuan, up 9% year-on-year [5] - The company’s revenue from domestic markets grew by 32% in 2023, while revenue from outside the province increased by 7% [5]