GUJING(000596) 民生证券·2024-04-28 14:30Investment Rating - The report maintains a "Recommended" rating for the company [1] Core Views - The company achieved a revenue of 20.25 billion and a net profit of 4.59 billion in 2023, representing year-on-year growth of 21.18% and 46.01% respectively. The revenue for Q4 2023 was 4.30 billion, with a net profit of 0.78 billion, showing a year-on-year increase of 8.92% and 49.20% [1] - The company is expected to reach a revenue of 24.69 billion and a net profit of 5.89 billion in 2024, with projected growth rates of 20.72% and 25.55% respectively. The long-term goal is to achieve 30 billion in revenue by 2025 [1] Summary by Sections Financial Performance - In 2023, the company's white liquor business generated 19.64 billion in revenue, a year-on-year increase of 28.83%. The growth was driven by a volume increase of 3.16% and a price increase of 24.88% [1] - The gross profit margin for the company in 2023 was 79.07%, with a net profit margin of 22.66%, reflecting an increase of 1.90 percentage points and 3.85 percentage points year-on-year respectively [1] Product Breakdown - The revenue from the company's flagship product, Year Original Liquor, was 15.42 billion, up 27.34% year-on-year, with a gross margin of 85.65% [1] - The company also reported revenue from other products, including 2.02 billion from Gujing Gongjiu, which saw a 7.56% increase, and 2.21 billion from Huanghelou and others, which increased by 0.87% [1] Regional and Channel Performance - Revenue from different regions in 2023 showed significant growth, with North China achieving 1.84 billion (up 39.01%), South China 17.11 billion (up 19.17%), and Central China 1.28 billion (up 26.89%) [1] - Online sales reached 0.73 billion, growing by 19.48%, while offline sales were 19.52 billion, increasing by 21.25% [1] Future Outlook - The company plans to enhance its digital infrastructure and cost management to improve efficiency and profitability. The projected net profit for 2024-2026 is expected to grow at rates of 28.4%, 27.4%, and 24.7% respectively [1] - The current stock price corresponds to a P/E ratio of 24 for 2024, 19 for 2025, and 15 for 2026, indicating a favorable valuation for potential investors [1]