双百亿目标顺利达成，净利率稳步上升

Investment Rating - The report assigns a rating of "Accumulate" to the company with a target price of 300.78, compared to the last closing price of 264.50 [1][5]. Core Views - The company successfully achieved its dual 10 billion revenue target, with a steady increase in net profit margin [1][5]. - In 2023, the company reported revenue of 20.254 billion, a year-on-year increase of 21.18%, and a net profit of 4.589 billion, up 46.01% year-on-year [5][6]. - The first quarter of 2024 showed strong performance with revenue of 8.286 billion, a 25.85% increase year-on-year, and a net profit of 2.066 billion, up 31.61% year-on-year [5][6]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 20.254 billion, with a net profit of 4.589 billion, and a net profit margin of 23.34% [5][6]. - The first quarter of 2024 saw revenue of 8.286 billion and a net profit margin of 25.65% [5][6]. - The company’s gross margin improved to 79.07% in 2023 and 80.35% in Q1 2024, driven by the sales of high-end products [5][6]. Product and Market Analysis - The company’s product segments, including aged raw liquor and other brands, achieved revenues of 15.417 billion and 2.206 billion respectively in 2023, with growth rates of 27.34% and 0.87% [5][6]. - The company expanded its dealer network, adding 242 dealers in 2023, with a total of 4,744 sales personnel [5][6]. Future Outlook - The company aims to achieve a revenue of 24.450 billion in 2024, representing a growth of 20.72%, and a total profit of 7.950 billion, up 25.55% [5][6]. - Expected revenue growth rates for 2024-2026 are 22%, 19%, and 17%, with net profit growth rates of 28%, 24%, and 23% respectively [5][6].