量驱动业绩增长，分红率提升至60%

Investment Rating - The investment rating for Wuliangye is "Buy" with a maintained rating for the next six months [5]. Core Views - The report highlights that Wuliangye's performance is driven by volume growth, with a revenue increase of 12.58% year-on-year, reaching 832.72 billion yuan in 2023 [1][4]. - The company has increased its dividend payout ratio to 60% in 2023, marking a new high since its listing [1]. - The report anticipates a stable pricing strategy and continued double-digit revenue growth for 2024, with revenue targets set at 927.7 billion yuan [3][4]. Financial Performance Summary - In 2023, Wuliangye's revenue and net profit were 832.72 billion yuan and 302.11 billion yuan, respectively, reflecting year-on-year growth of 12.58% and 13.19% [1]. - For Q1 2024, the company reported revenue of 348.33 billion yuan, with a year-on-year growth of 11.86% [1]. - The gross margin for Wuliangye products improved slightly to 86.64% in 2023, while the overall gross margin for the company was 75.79% [2][4]. Sales and Market Dynamics - In 2023, the liquor business generated 764.47 billion yuan in revenue, with Wuliangye products accounting for 82.15% of this figure [2]. - The company expanded its distribution network, adding 26,000 core terminals and reaching a total of 1,662 specialty stores by the end of 2023 [2]. - The report notes a significant increase in sales of series liquor, with Wuliangchun brand sales nearing 7 billion yuan [2]. Profitability and Cash Flow - Wuliangye's net profit margin was reported at 37.85% in 2023, indicating stable profitability [2]. - Operating cash flow increased by 70.86% year-on-year to 417.42 billion yuan, attributed to improved cash collection and a lower cash base from the previous year [2][4]. - The report projects net profits for 2024 to reach 338.5 billion yuan, with a growth rate of 12% [3][4].