营销改革措施逐步落地，稳步前行2023年报及2024年一季 报点评

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has demonstrated steady growth with a revenue increase of 14.00% in Q4 2023 and 11.86% in Q1 2024, maintaining double-digit growth for eight consecutive years since 2016 [3][5] - The company's revenue has grown from 21.66 billion yuan in 2015 to 83.27 billion yuan in 2023, with a CAGR of 18.3%, while net profit has increased from 6.18 billion yuan to 30.21 billion yuan, with a CAGR of 22.0% [3][5] - The marketing reforms are showing positive results, with a focus on brand, product, channel, and organizational improvements [7] Financial Performance - In 2023, the company achieved an operating revenue of 83.27 billion yuan, up 12.58% year-on-year, and a net profit of 30.21 billion yuan, up 13.19% year-on-year [5] - For Q1 2024, the operating revenue was 34.83 billion yuan, reflecting an 11.86% year-on-year increase, and the net profit was 14.05 billion yuan, up 11.98% year-on-year [5] - The company’s EPS for 2023 was 7.78 yuan per share, with a proposed dividend of 46.70 yuan per 10 shares (tax included) [5] Revenue Breakdown - The core product, Wuliangye, generated revenue of 62.80 billion yuan in 2023, a year-on-year increase of 13.50%, with sales volume reaching 38.70 thousand tons, up 17.98% [4] - Other liquor products contributed 13.64 billion yuan in revenue, a year-on-year increase of 11.58%, with sales volume of 120.40 thousand tons, up 27.60% [4] - The company has expanded its core terminal network by adding 26,000 new core terminals, with over 1,600 specialty stores covering more than 300 cities nationwide [4] Future Projections - The company aims to maintain double-digit revenue growth in 2024, with projected revenues of 92.20 billion yuan, 101.87 billion yuan, and 112.37 billion yuan for 2024, 2025, and 2026 respectively [8] - The forecasted net profits for the same years are 33.74 billion yuan, 37.35 billion yuan, and 41.37 billion yuan, with corresponding EPS of 8.69 yuan, 9.62 yuan, and 10.66 yuan [8] - The company’s P/E ratios are projected to be 17, 16, and 14 for the years 2024, 2025, and 2026 respectively [8]