全年顺利收官，一季度业绩符合预期

Investment Rating - The report maintains a "Buy" rating for Luzhou Laojiao with a target price of 216.7, compared to the last closing price of 189.00 [1][5]. Core Insights - Luzhou Laojiao's 2023 performance met expectations, with revenue reaching 30.233 billion, a year-on-year increase of 20.34%, and net profit of 13.246 billion, up 27.79% [3][5]. - The company achieved a revenue of 9.188 billion in Q1 2024, reflecting a 20.74% year-on-year growth, with net profit at 4.574 billion, increasing by 23.2% [3][5]. - The growth in high-end liquor sales contributed to an overall increase in gross margin, which was 88.30% for 2023, up 1.71 percentage points year-on-year [4][5]. Summary by Sections Financial Performance - In 2023, Luzhou Laojiao's revenue was 30.233 billion, with a net profit of 13.246 billion, showing significant growth rates of 20.34% and 27.79% respectively [3][6]. - For Q4 2023, revenue was 8.291 billion, a 9.1% increase year-on-year, while net profit reached 2.68 billion, up 24.78% [3][5]. - The company aims for a revenue growth target of no less than 15% for 2024, supported by strong sales during the Spring Festival [3][5]. Product and Market Insights - The revenue from mid-to-high-end liquor reached 26.841 billion, growing by 21.28%, while other liquor categories saw a 22.87% increase [3][5]. - The company reported that its national customer base surpassed 20 billion, with an expected growth rate of over 20% for the year [3][5]. - Luzhou Laojiao is focusing on enhancing its market presence in key regions such as North China, Southwest, and East China, with a strategy to deepen market penetration [3][5]. Cost and Profitability Metrics - The gross margin for 2023 was 88.30%, primarily driven by an increase in high-end liquor sales and price adjustments [4][5]. - The net profit margin improved to 43.95%, marking a historical high for the company, attributed to both gross margin enhancement and cost optimization [4][5]. - The company reported a significant increase in cash flow from sales, with growth rates of 21.91% and 32.31% for 2023 and Q1 2024 respectively [5].