LZLJ(SZ:000568) Guolian Securities·2024-04-29 10:00Investment Rating - The report maintains a "Buy" rating for the company with a target price of 216.20 CNY [8]. Core Insights - The company reported a revenue of 30.233 billion CNY in 2023, representing a year-on-year growth of 20.34%, and a net profit attributable to shareholders of 13.246 billion CNY, up 27.79% year-on-year [4]. - In Q1 2024, the company achieved a revenue of 9.188 billion CNY, a 20.74% increase year-on-year, and a net profit of 4.574 billion CNY, growing 23.20% year-on-year, exceeding expectations [4]. - The company has shown strong cash collection capabilities, with Q1 2024 cash sales reaching 10.641 billion CNY, a 32.31% increase year-on-year [6]. - The average price per ton of high-end liquor significantly increased in 2023, contributing to improved profitability, with a gross margin of 88.37% in Q1 2024, up 0.28 percentage points year-on-year [6]. - The company is expected to see revenue growth of 17.53%, 15.05%, and 13.01% for 2024, 2025, and 2026, respectively, with net profit growth of 20.09%, 16.04%, and 14.32% for the same years [7]. Financial Data Summary - The total share capital is 1,471.99 million shares, with a circulating market value of 273,527.57 million CNY [4]. - The company's earnings per share (EPS) are projected to be 10.81 CNY, 12.54 CNY, and 14.34 CNY for 2024, 2025, and 2026, respectively [7]. - The company's asset-liability ratio stands at 32.43% [4].