YINGJIA DISTILLERY(SH:603198) Minsheng Securities·2024-04-26 14:30Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 68.94 yuan and projected PE ratios of 19X, 15X, and 12X for 2024, 2025, and 2026 respectively [2][3]. Core Insights - The company achieved a revenue of 6.72 billion yuan and a net profit of 2.29 billion yuan in 2023, representing year-on-year growth of 22.07% and 34.17% respectively. The fourth quarter of 2023 saw revenues of 1.92 billion yuan and a net profit of 633 million yuan, with growth rates of 18.80% and 26.03% respectively. In the first quarter of 2024, revenues reached 2.33 billion yuan and net profit was 913 million yuan, with year-on-year growth of 21.33% and 30.43% [2][3]. - The product structure is continuously upgrading, with high-end liquor sales reaching 5.02 billion yuan and ordinary liquor sales at 1.38 billion yuan in 2023, showing growth of 27.84% and 8.68% respectively. The proportion of high-end liquor increased by 2.87 percentage points to 78.45% [2][3]. - The company is focusing on the Dongcang series and strengthening its mid-to-high-end product layout, while managing its low-end products. The revenue from high-end liquor is growing faster than the overall company growth, enhancing the product structure [2][3]. - The company reported a record high net profit margin in Q1, with gross margins of 71.37%, 70.71%, and 75.09% for the full year of 2023, Q4 2023, and Q1 2024 respectively, indicating a consistent upward trend in profitability [2][3]. Financial Summary - The company forecasts revenues of 8.24 billion yuan, 10.09 billion yuan, and 12.22 billion yuan for 2024, 2025, and 2026 respectively, with growth rates of 22.6%, 22.4%, and 21.2% [3][7]. - The net profit attributable to shareholders is projected to be 2.91 billion yuan, 3.61 billion yuan, and 4.42 billion yuan for the same years, with growth rates of 27.1%, 24.2%, and 22.3% [3][7]. - The company maintains a stable expense ratio, with sales and management expense ratios of 8.65% and 3.11% for 2023, and 6.72% and 2.34% for Q1 2024 respectively [2][3].