收入增速超全年指引，龙头行稳致远

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 2,088.90 CNY, while the current price is 1,709.43 CNY [14]. Core Insights - The company reported a Q1 2024 revenue of 457.76 billion CNY, representing a year-on-year growth of 18.11%, and a net profit attributable to shareholders of 240.65 billion CNY, up 15.73% year-on-year [4]. - The revenue growth exceeded the annual guidance, and cash collection showed strong performance with a year-on-year increase of 29.34% [4]. - The gross margin for Q1 2024 was 92.60%, a slight increase of 0.23 percentage points year-on-year, while the net profit margin was 53.66%, up 0.26 percentage points year-on-year [5]. Financial Data and Valuation - The company’s projected revenues for 2024-2026 are 173.61 billion CNY, 197.09 billion CNY, and 221.31 billion CNY, with corresponding growth rates of 15.31%, 13.53%, and 12.29% [6]. - The projected net profit for the same period is 87.46 billion CNY, 100.30 billion CNY, and 113.82 billion CNY, with growth rates of 17.03%, 14.67%, and 13.48% respectively [6]. - The earnings per share (EPS) are expected to be 69.63 CNY, 79.84 CNY, and 90.61 CNY for 2024, 2025, and 2026 respectively [6]. Revenue Breakdown - In Q1 2024, revenue from Moutai liquor and series liquor was 397.07 billion CNY and 59.36 billion CNY, showing year-on-year growth of 17.75% and 18.39% respectively [13]. - Revenue from direct sales and wholesale channels was 193.19 billion CNY and 263.24 billion CNY, with year-on-year growth of 8.49% and 25.78% respectively [13]. - Domestic and international revenues for Q1 2024 were 448.30 billion CNY and 8.13 billion CNY, reflecting year-on-year growth of 17.73% and 23.56% respectively [13].