洞藏消费氛围渐起，业绩持续高增

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 77.49 CNY based on a 21x P/E ratio for 2024 [2][4][7]. Core Insights - The company reported a revenue of 6.72 billion CNY for 2023, a year-on-year increase of 22.1%, and a net profit attributable to shareholders of 2.29 billion CNY, up 34.2% year-on-year. For Q1 2024, revenue reached 2.32 billion CNY, growing 21.3% year-on-year, with a net profit of 910 million CNY, up 30.4% year-on-year, indicating sustained high growth [1][2]. - The product mix is improving, with mid-to-high-end liquor generating 5.02 billion CNY in revenue in 2023, a 27.8% increase year-on-year, accounting for 78.4% of total revenue. The sales of aged liquor (6 and 9 years) are expected to grow rapidly, and consumer acceptance of 16-year liquor is gradually increasing [1]. - The gross margin increased to 71.4% in 2023, up 3.4 percentage points year-on-year, primarily due to an improved product mix. The net profit margin also rose to 34.1%, reflecting a significant enhancement in profitability [1][2]. Financial Summary - For 2024, the company is projected to achieve revenues of 8.22 billion CNY, with a year-on-year growth of 22.3%. The net profit is expected to reach 2.96 billion CNY, up 29.2% year-on-year. The earnings per share for 2024-2026 are forecasted at 3.69 CNY, 4.65 CNY, and 5.46 CNY respectively [2][3][11]. - The company’s gross margin is expected to improve to 73.2% in 2024 and further to 75.8% by 2026. The net profit margin is projected to reach 36.0% in 2024, indicating a strong profitability trend [3][11].