旺季开门红，全年业绩确定性强

Investment Rating - The report maintains a "Buy" rating for the company [30][42]. Core Insights - The company reported a strong performance in Q1 2024, with total revenue and net profit reaching 464.85 billion and 240.65 billion yuan, respectively, representing year-on-year growth of 18.04% and 15.73% [11][12]. - The gross margin for Q1 was 92.61%, slightly up by 0.02 percentage points year-on-year, driven by price increases and growth in non-standard products, although channel structure changes had a negative impact [5][13]. - The company aims for a revenue growth rate of around 15% for 2024, supported by product structure optimization, new product launches, and increased direct sales [14][28]. Financial Performance Summary - Q1 2024 revenue from Moutai liquor was 397.07 billion yuan, up 17.75% year-on-year, attributed to sales volume growth, product structure optimization, and a price increase of 20% in November 2023 [42]. - The company expects revenues for 2024-2026 to be 1,744.55 billion, 2,012.63 billion, and 2,297.39 billion yuan, with corresponding net profits of 881.37 billion, 1,035.42 billion, and 1,198.88 billion yuan, reflecting growth rates of 15.87%, 15.37%, and 14.15% respectively [30][29]. - The Q1 net profit margin was 51.77%, down 1.04 percentage points year-on-year, influenced by an increase in tax and fees [5][13].