青花系列高端化亮点突出，长江以南收入增长强劲

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 297.00 CNY, reflecting a 25% valuation premium based on strong earnings certainty [5][7]. Core Insights - The company achieved a revenue of 31.93 billion CNY in 2023, representing a year-over-year growth of 21.8%, and a net profit attributable to shareholders of 10.44 billion CNY, up 28.9% year-over-year [2]. - The premium product line, particularly the Qinghua series, has driven significant growth, with high-priced liquor contributing 23.20 billion CNY in revenue, a 22.6% increase year-over-year, and accounting for 73.1% of total liquor revenue [2]. - The company has seen strong growth in southern China, with revenue from southern markets increasing by over 30% year-over-year [2]. - The gross margin for 2023 was 75.3%, with a net profit margin of 32.8%, indicating improved profitability [2]. Financial Performance Summary - Revenue for 2023 was 31.93 billion CNY, with a year-over-year growth of 21.8% [4]. - The operating profit for 2023 was 14.22 billion CNY, reflecting a 30.8% increase year-over-year [4]. - The net profit attributable to shareholders for 2023 was 10.44 billion CNY, up 28.9% from the previous year [4]. - The earnings per share (EPS) for 2023 was 8.56 CNY, with projections for 2024 at 10.80 CNY [4][7]. Growth Projections - The company is expected to achieve EPS of 10.80 CNY in 2024, 13.15 CNY in 2025, and 15.53 CNY in 2026, with revenue growth anticipated to continue [3][7]. - The report suggests that the company is likely to exceed its revenue growth target of 20% year-over-year for 2024 [2].