GUJING(000596) 山西证券·2024-04-29 07:30Investment Rating - The report maintains an investment rating of "Buy-A" for the company [1][5]. Core Views - The company successfully completed its annual targets for 2023, with a strong performance in the provincial markets and expectations for high-quality development in 2024 [1][2]. - The company achieved a revenue of 202.54 billion yuan in 2023, representing a year-on-year growth of 21.2%, and a net profit of 45.89 billion yuan, up 46.01% [3][5]. - For Q1 2024, the company reported a revenue of 82.86 billion yuan, a 25.9% increase year-on-year, and a net profit of 20.66 billion yuan, growing by 31.61% [3][5]. Summary by Sections Company Performance - In 2023, the company generated revenue of 202.54 billion yuan, with significant contributions from various product lines: 154.17 billion yuan from vintage raw liquor, 20.16 billion yuan from Gujing Gongjiu, and 22.06 billion yuan from Huanghelou and other series [2]. - The company expanded its dealer network, adding 242 new dealers, bringing the total to 4,641 [2]. Financial Metrics - The company’s gross margin for 2023 was 79.07%, an increase of 1.90 percentage points year-on-year, with a net profit margin of 22.66%, up 3.85 percentage points [2][3]. - For Q1 2024, the gross margin improved to 80.35%, with a net profit margin of 24.93%, reflecting ongoing product structure upgrades and cost management [2][3]. Future Projections - Revenue projections for 2024-2026 are 247.40 billion yuan, 299.55 billion yuan, and 353.37 billion yuan, with expected year-on-year growth rates of 22.2%, 21.1%, and 18.0% respectively [5]. - Net profit forecasts for the same period are 59.63 billion yuan, 73.75 billion yuan, and 88.75 billion yuan, with growth rates of 29.9%, 23.7%, and 20.3% [5].