Yanghe(SZ:002304) Soochow Securities·2024-04-30 07:00Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company achieved a revenue of 33.126 billion yuan and a net profit of 10.016 billion yuan in 2023, representing a year-on-year growth of 10.0% and 6.8% respectively. For Q1 2024, the revenue and net profit were 16.25 billion yuan and 6.06 billion yuan, showing a year-on-year increase of 8.0% and 5.0% [6][7] - The company has seen double-digit revenue growth in 2023, with a total profit exceeding 10 billion yuan. The growth was driven by a strong performance in both mid-to-high-end and regular liquor segments, with revenues of 28.539 billion yuan and 3.95 billion yuan respectively, marking increases of 8.82% and 20.7% year-on-year [6][7] - The company has a healthy cash flow performance, with a cash collection of 22.2 billion yuan in Q4 2023 and Q1 2024, reflecting a year-on-year increase of 13%. The dividend payout ratio was raised from 60% to 70%, enhancing the company's value proposition [7] Summary by Sections Financial Performance - Total revenue for 2022 was 30.105 billion yuan, with a year-on-year growth of 18.76%. The projected revenue for 2023 is 33.126 billion yuan, with a growth rate of 10.04% [6] - The net profit attributable to the parent company for 2022 was 9.378 billion yuan, with a year-on-year increase of 24.91%. The forecast for 2023 is 10.016 billion yuan, reflecting a growth of 6.80% [6] - The latest diluted EPS for 2023 is 6.65 yuan, with a P/E ratio of 14.42 [6][8] Market Data - The closing price of the stock is 100.09 yuan, with a one-year low of 88.30 yuan and a high of 150.35 yuan. The market capitalization is approximately 150.78 billion yuan [3][4] Valuation Metrics - The projected P/E ratios for 2024, 2025, and 2026 are 13.84, 12.61, and 11.42 respectively, indicating a favorable valuation trend [6][8]