收入增长略超预期，经营现金流质量高

Investment Rating - The report assigns a "Buy" rating for the company [8]. Core Views - The company's revenue growth slightly exceeded expectations, with operating cash flow quality being high [8]. - For Q1 2024, the company achieved operating revenue and net profit of RMB 45.78 billion and RMB 24.07 billion, respectively, representing year-on-year growth of 18.1% and 15.7% [8]. - The company’s cash collection ratio for the period was 101.1%, up by 8.8 percentage points year-on-year, with operating cash flow net amounting to RMB 9.19 billion, a significant increase of 75.2% [8]. - The sales of Moutai liquor and series liquor saw increases, with revenues of RMB 39.71 billion and RMB 5.94 billion, respectively, reflecting year-on-year growth of 17.7% and 18.4% [8]. - The report anticipates a full-year revenue growth target of 15% for the company, supported by a strong brand barrier and ongoing capacity expansion plans [8]. Financial Summary - The company’s total revenue for the fiscal year ending December 31, 2022, was RMB 127.55 billion, with a year-on-year growth of 16.9% [9]. - The net profit for the same period was RMB 65.38 billion, reflecting a year-on-year increase of 19.6% [9]. - Forecasts for 2024 predict operating revenue of RMB 171.79 billion and net profit of RMB 91.07 billion, with growth rates of 16.3% and 17.5%, respectively [9]. - The basic earnings per share for 2024 is projected to be RMB 69.89, with a price-to-earnings ratio of 24.5 times at a share price of RMB 1,709.43 [9].