GUJING(SZ:000596) Guohai Securities·2024-04-30 10:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has achieved significant revenue growth, crossing the 20 billion yuan mark, with a revenue of 20.254 billion yuan in 2023, representing a year-on-year increase of 21.18%. The net profit attributable to shareholders reached 4.589 billion yuan, up 46.01% year-on-year [2][3] - In Q1 2024, the company continued its strong performance with a revenue of 8.286 billion yuan, a year-on-year increase of 25.85%, and a net profit of 2.066 billion yuan, up 31.61% year-on-year [2][3] - The company plans to achieve a revenue target of 24.45 billion yuan in 2024, reflecting a year-on-year growth of 20.72%, and a net profit target of 7.95 billion yuan, up 25.55% [3][6] Revenue and Profit Growth - The company has successfully maintained high growth rates, with revenue and profit exceeding the targets set in the previous year's report. The revenue growth target was 20.26%, and the profit growth target was 34.21% [3] - The product revenue breakdown shows that the Year Original Series, Gujing Gongjiu, and Huanghelou achieved revenues of 15.417 billion, 2.016 billion, and 2.206 billion yuan respectively, with year-on-year growth rates of 27.34%, 7.56%, and 0.87% [3] - The company has seen a significant increase in sales volume for the Year Original Series, reaching 63,500 tons, a year-on-year increase of 20.63%, with an average price increase of nearly 6% [3] Market Performance - The company has outperformed the market, with a 1-month performance of 2.3%, a 3-month performance of 26.5%, and a 12-month performance of -1.6% compared to the CSI 300 index [5] - The current stock price is 266.06 yuan, with a 52-week price range of 195.39 to 301.10 yuan [5] Financial Projections - The company is expected to continue its upward momentum, with revenue projections for 2024, 2025, and 2026 set at 24.740 billion, 30.034 billion, and 35.470 billion yuan respectively, with corresponding net profits of 5.945 billion, 7.384 billion, and 8.918 billion yuan [6][7] - The earnings per share (EPS) are projected to be 11.25 yuan for 2024, 13.97 yuan for 2025, and 16.87 yuan for 2026, with price-to-earnings (P/E) ratios of 24, 19, and 16 respectively [6][7]