WLY(SZ:000858) Minsheng Securities·2024-04-29 13:00Investment Rating - The report maintains a "Recommended" rating for the company [2] Core Views - The company achieved a revenue of 83.272 billion yuan in 2023, a year-on-year increase of 12.58%, and a net profit attributable to shareholders of 30.211 billion yuan, up 13.19% year-on-year [1] - For Q1 2024, the company reported a revenue of 34.833 billion yuan, reflecting an 11.86% year-on-year growth, with a net profit of 14.045 billion yuan, increasing by 11.98% year-on-year [1] - The company plans to distribute a cash dividend of 46.7 yuan per 10 shares, with a cash dividend payout ratio of 60%, totaling 18.127 billion yuan [1] - The dual-driven strategy of Wuliangye and its series of wines continues to enhance the product matrix, with wine business revenue reaching 76.447 billion yuan in 2023, a 13.15% increase year-on-year [1] - The company aims to strengthen its brand value and accelerate price adjustments towards reasonable value in 2024, targeting double-digit revenue growth [1] Summary by Sections Financial Performance - In 2023, the company's wine sales volume increased by 25.12%, while the average price per ton decreased by 9.57% [1] - The gross profit margin for 2023 was 75.79%, up 0.37 percentage points year-on-year, attributed to product structure optimization [1] - The company expects net profits for 2024 to reach 33.32 billion yuan, with a projected P/E ratio of 18 [2] Product and Market Strategy - The company has enhanced its "1+3" product system, focusing on key products like 1618, 39-degree Wuliangye, and classic Wuliangye to lead market consumption trends [1] - The number of distributors increased to 2,570, with 814 for Wuliangye's fragrant series, reflecting a robust distribution network [1] Future Outlook - The company forecasts revenue growth rates of 10.1% for 2024, 10.9% for 2025, and 11.1% for 2026 [2] - The projected net profit growth rates are 10.3% for 2024, 11.8% for 2025, and 10.6% for 2026 [2]