公司事件点评报告：收入略超预期，彰显龙头韧性

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 1709.43 CNY and a 52-week price range of 1577-1897 CNY [2][5] Core Views - The company's Q1 2024 revenue exceeded expectations, demonstrating strong resilience as an industry leader [4] - Total revenue for Q1 2024 reached 46.485 billion CNY, a YoY increase of 18.04%, with net profit attributable to shareholders of 24.065 billion CNY, up 15.73% YoY [4] - The company's gross margin remained stable at 92.61%, while the net margin decreased slightly by 1.18 percentage points to 54.36% due to higher tax rates [4] - Operating cash flow surged by 75.17% YoY to 9.187 billion CNY, driven by increased sales revenue and higher net additions to deposits with central banks and interbank institutions [4] Financial Performance - The company's series liquor segment grew slightly faster than its main liquor segment, with revenues of 39.707 billion CNY and 5.936 billion CNY respectively, representing YoY growth of 17.75% and 18.39% [20] - Domestic revenue accounted for 98.22% of total revenue, while international revenue grew by 23.56% YoY to 813 million CNY [20] - Direct sales revenue reached 19.319 billion CNY, an 8.49% YoY increase, while wholesale revenue grew by 25.78% YoY to 26.324 billion CNY [20] - The "i Maotai" platform contributed 5.343 billion CNY in revenue, accounting for 42.33% of direct sales [20] Strategic Outlook - The company is implementing a "One Chessboard, One Heart" strategy, with the listed company continuing to lead the sector and innovate in new business areas [5] - The report forecasts EPS for 2024-2026 to be 69.85 CNY, 81.13 CNY, and 93.85 CNY respectively, with corresponding P/E ratios of 25x, 21x, and 18x [5] Market Performance - The company's total market capitalization stands at 2.1474 trillion CNY, with an average daily trading volume of 42.7026 billion CNY [42] - The stock's performance is compared to the CSI 300 index, with a range of -25% to +15% over the past year [6]