稳健增长

Investment Rating - The report maintains a "Recommended" rating for the company [2][10]. Core Views - The company reported a revenue of 83.27 billion yuan in 2023, a year-on-year increase of 12.6%, and a net profit attributable to shareholders of 30.21 billion yuan, up 13.2% year-on-year [1]. - In Q1 2024, the company achieved a revenue of 34.83 billion yuan, reflecting an 11.9% year-on-year growth, with a net profit of 14.05 billion yuan, increasing by 12.0% year-on-year [1]. - The growth in revenue is primarily driven by volume, with the company’s flagship product, Wuliangye, and other spirits generating revenues of 62.80 billion yuan and 13.64 billion yuan respectively, with year-on-year growth rates of 13.5% and 11.6% [1]. - The company has successfully expanded its distribution channels, achieving revenues of 45.99 billion yuan from distributors and 30.46 billion yuan from direct sales in 2023, marking increases of 13.6% and 12.5% respectively [1]. - The gross margin for 2023 was 75.8%, with a stable profitability outlook, and the company increased its dividend payout to 18.13 billion yuan, representing a 60% payout ratio [1]. Financial Summary - The company forecasts revenues of 92.43 billion yuan for 2024, with a growth rate of 11.0%, and a net profit of 34.20 billion yuan, reflecting a profit growth rate of 13.19% [6]. - The projected diluted EPS for 2024 is 8.81 yuan, with corresponding P/E ratios of 17, 15, and 14 for 2024, 2025, and 2026 respectively [6][1]. - The gross margin is expected to remain stable at around 76.0% for 2024, with a net profit margin of 37.0% [6].