YLT(SH:600197) Orient Securities·2024-04-28 07:32Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 21.78 CNY based on a 22x P/E ratio for 2024 [2][17]. Core Insights - The company achieved a revenue of 2.23 billion CNY in 2023, representing a year-on-year growth of 37.5%, and a net profit attributable to the parent company of 340 million CNY, up 105.5% year-on-year [18]. - The product structure is continuously upgrading, with high-end liquor sales reaching 1.47 billion CNY in 2023, a 46.6% increase, accounting for 67.1% of total revenue [18]. - The company is focusing on optimizing its product structure and implementing a dual pricing system to enhance market order and boost distributor confidence [18]. Financial Forecasts - Revenue projections for 2024, 2025, and 2026 are 2.86 billion CNY, 3.48 billion CNY, and 4.11 billion CNY, respectively, with corresponding year-on-year growth rates of 28.2%, 21.5%, and 18.2% [34]. - The forecasted net profit for 2024 is 467 million CNY, with a growth rate of 37.4% [34]. - The earnings per share (EPS) are projected to be 0.99 CNY for 2024, 1.25 CNY for 2025, and 1.51 CNY for 2026 [34]. Market Performance - The company's stock has shown a relative performance of 3.31% over the past week and -2.73% over the past year compared to the CSI 300 index [2]. - The stock price as of April 26, 2024, was 20.14 CNY, with a 52-week high of 29.31 CNY and a low of 17.24 CNY [2].