YLT(SH:600197) Southwest Securities·2024-04-28 06:00Investment Rating - The report maintains a "Buy" rating for the company [1][2] Core Views - The company is expected to benefit from consumption upgrades within the region and a national market expansion strategy, indicating strong long-term growth potential [2][9] - The company achieved significant revenue growth in 2023, with total revenue reaching 22.3 billion yuan, a year-on-year increase of 37.5%, and a net profit of 3.4 billion yuan, up 105.4% [12][9] - The report highlights a notable improvement in product structure, with high-end liquor revenue increasing by 46.6% to 14.7 billion yuan, contributing to an overall price increase of 10.2% to 97,000 yuan per ton [12][9] Summary by Sections Financial Performance - Revenue projections for 2024-2026 are 28.77 billion yuan, 36.16 billion yuan, and 44.04 billion yuan, with corresponding growth rates of 28.96%, 25.66%, and 21.81% [12][22] - The company anticipates net profit growth to 3.81 billion yuan in 2024, 5.19 billion yuan in 2025, and 6.78 billion yuan in 2026, with growth rates of 11.97%, 36.45%, and 30.51% respectively [12][22] Product Segmentation - The low-end liquor series is expected to see sales growth of 20.0%, 15.0%, and 10.0% from 2024 to 2026, with price increases of 8.0%, 6.0%, and 5.0% respectively [7][18] - The high-end liquor series is projected to grow by 30.0%, 25.0%, and 20.0% in sales volume from 2024 to 2026, with price increases of 5.0% each year [33][18] Market Expansion - The company is focusing on brand building and product structure upgrades, with a clear strategy for national expansion and increased marketing efforts [12][9] - Significant growth is expected in the domestic market, with revenue from the region increasing by 50.3% to 17.0 billion yuan, while external market revenue grew by 5.2% to 4.9 billion yuan [12][9]