GUJING(000596) 东方证券·2024-04-29 11:32Investment Rating - The report maintains a "Buy" rating for the company [1][8]. Core Views - The company reported strong financial performance for 2023, with total revenue of 20.25 billion RMB, a year-on-year increase of 21.2%, and a net profit attributable to shareholders of 4.59 billion RMB, up 46.0% year-on-year. For Q1 2024, revenue reached 8.29 billion RMB, growing 25.9% year-on-year, and net profit was 2.07 billion RMB, an increase of 31.6% year-on-year [1]. - The product mix continues to improve, with significant growth in sales outside the home province. The white liquor business generated 19.64 billion RMB in revenue in 2023, a year-on-year increase of 28.8% [1]. - The company aims to achieve revenue of 24.45 billion RMB and a total profit of 7.95 billion RMB in 2024, representing year-on-year growth of 24.7% and 25.6%, respectively [1]. Financial Summary - In 2023, the company achieved a gross margin of 79.1%, an increase of 1.9 percentage points year-on-year, benefiting from an improved product mix. The net profit margin was 22.7%, up 3.9 percentage points year-on-year [3][12]. - The forecast for earnings per share (EPS) for 2024-2026 is 11.24 RMB, 13.49 RMB, and 15.71 RMB, respectively, with a target price set at 269.76 RMB based on a 24x PE ratio for 2024 [2][8]. - The company’s total assets are projected to grow from 35.42 billion RMB in 2023 to 57.43 billion RMB by 2026, indicating a strong growth trajectory [12].