WLY(SZ:000858) INDUSTRIAL SECURITIES·2024-04-30 05:32Investment Rating - The report maintains a "Buy" rating for the company [4][8] Core Views - The company reported a total revenue of 832.72 billion RMB and a net profit attributable to shareholders of 302.11 billion RMB for 2023, reflecting a year-on-year growth of 12.58% and 13.19% respectively [6][7] - The company plans to distribute a cash dividend of 46.70 RMB per 10 shares, totaling 181.27 billion RMB, with a cash dividend rate of 60%, marking a record high since its listing [6][7] - The main brand, Wuliangye, saw a revenue increase of 13.50% in 2023, with sales volume rising by 17.98% [3][7] Financial Performance Summary - For 2023, the company achieved a gross margin of 75.79% and a net profit margin of 36.28% [7][8] - The first quarter of 2024 showed a revenue growth of 12%, driven by strong sales during the Spring Festival [8] - The projected revenues for 2024-2026 are 928.92 billion RMB, 1,036.28 billion RMB, and 1,173.49 billion RMB, with corresponding net profits of 340.79 billion RMB, 386.03 billion RMB, and 444.72 billion RMB [4][8] Market Data - As of April 26, 2024, the closing price of the company's stock was 152.25 RMB, with a total share capital of 3,881.61 million shares [1]