Q1利润超预期，青花延续高势能

Investment Rating - The investment rating for the company is "Add" [2] Core Views - The company achieved a revenue of 31.928 billion yuan in 2023, representing a year-on-year increase of 21.80%, and a net profit attributable to the parent company of 10.438 billion yuan, up 28.93% year-on-year [2] - In Q1 2024, the company reported a revenue of 15.338 billion yuan, a year-on-year increase of 20.94%, and a net profit of 6.262 billion yuan, up 29.95% year-on-year [2] - The blue flower series continues to gain market share, with its proportion reaching 46% in 2023, and the company is expanding its national presence [2][3] Summary by Sections Financial Performance - In Q4 2023, the company recorded a revenue of 5.184 billion yuan, a year-on-year increase of 27.38%, and a net profit of 1.007 billion yuan, up 1.96% year-on-year [2] - The net profit margin for 2023 increased by 1.64 percentage points to 32.76%, with a stable gross margin of 75.31% [3] - For Q1 2024, the net profit margin improved by 2.75 percentage points to 40.86%, driven by the increased share of the blue flower series [3] Revenue and Profit Forecast - The company aims for a revenue growth of around 20% for the full year of 2024, with projected revenues of 38.522 billion yuan, 45.608 billion yuan, and 53.630 billion yuan for 2024, 2025, and 2026 respectively [3][6] - The net profit attributable to the parent company is expected to be 13.175 billion yuan, 16.023 billion yuan, and 19.024 billion yuan for the same years [6] Market Expansion - The company continues to see strong growth in both high-end and mid-range liquor segments, with revenue growth of 22.56% and 20.15% respectively in 2023 [2] - The company’s revenue from provincial markets reached 12.08 billion yuan, up 20.41% year-on-year, while revenue from outside the province was 19.66 billion yuan, up 22.84% year-on-year [2]