WLY(SZ:000858) First Shanghai Securities·2024-04-30 06:32Investment Rating - The report assigns a "Buy" rating with a target price of 190.00 CNY, indicating a potential upside of 24.8% from the current price of 152.25 CNY [2][4]. Core Insights - The company achieved a revenue of 83.27 billion CNY and a net profit of 30.21 billion CNY for FY 2023, reflecting year-on-year growth of 12.6% and 13.2% respectively [1][3]. - The dividend payout has reached a record high, with a proposed dividend of 46.7 CNY per 10 shares, resulting in a dividend rate of 60.0% [1]. - The company is focusing on channel development, with significant increases in both traditional and direct sales channels, and has expanded its retail presence across over 300 cities [1][2]. Financial Performance Summary - For FY 2023, the company reported a gross margin of 75.8%, with a slight increase of 0.37 percentage points year-on-year [1]. - The revenue from liquor products was 76.45 billion CNY, growing by 13.1%, while non-liquor products generated 6.83 billion CNY, up by 6.5% [1]. - The company’s net profit margin improved to 36.3%, an increase of 0.2 percentage points compared to the previous year [1]. Future Projections - The company anticipates net profits of 33.91 billion CNY, 38.25 billion CNY, and 44.11 billion CNY for the years 2024, 2025, and 2026 respectively, indicating a consistent growth trajectory [2][5]. - The report highlights a strategic focus for 2024 as a "Marketing Execution Year," aiming to enhance brand value and address market challenges through various initiatives [2][3].