LZLJ(SZ:000568) East Money Securities·2024-04-30 09:30Investment Rating - The report maintains a rating of "Add" for the company [4] Core Insights - The company reported a revenue of 30.233 billion yuan in 2023, representing a year-on-year increase of 20.34%, with a net profit attributable to shareholders of 13.246 billion yuan, up 27.79% year-on-year [4][8] - The company's profitability has significantly improved, with a gross margin of 88.30% in 2023, an increase of 1.71 percentage points year-on-year, and a net margin of 43.81%, up 2.55 percentage points year-on-year [4][8] - The company is expected to maintain steady growth, with projected revenues of 36.441 billion yuan, 43.197 billion yuan, and 50.367 billion yuan for 2024, 2025, and 2026 respectively [8] Financial Performance Summary - In Q4 2023, the company achieved a revenue of 8.291 billion yuan, a year-on-year increase of 9.10%, and a net profit of 2.680 billion yuan, up 24.78% year-on-year [4] - For Q1 2024, the company reported a revenue of 9.188 billion yuan, a year-on-year increase of 20.74%, and a net profit of 4.574 billion yuan, up 23.20% year-on-year [4] - The company’s operating cash flow reached 10.648 billion yuan in 2023, reflecting a rapid growth of 28.87% year-on-year [4] Product and Market Performance - The company’s mid-to-high-end liquor segment generated a revenue of 26.841 billion yuan, growing by 21.28% year-on-year, while other liquor categories saw a revenue of 3.236 billion yuan, up 22.87% year-on-year [4] - Domestic revenue was 30.056 billion yuan, an increase of 20.37% year-on-year, while international revenue was 1.772 billion yuan, up 15.74% year-on-year [4] - Traditional sales channels generated 28.657 billion yuan, a year-on-year increase of 22.98%, while emerging channels saw a decline of 2.97% to 1.420 billion yuan [4]