WLY(SZ:000858) Tebon Securities·2024-05-03 07:30Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's annual revenue performance met expectations, with a year-on-year increase of 12.58% to 832.72 billion yuan and a net profit increase of 13.19% to 302.11 billion yuan in 2023. The first quarter of 2024 also showed a double-digit growth with revenues of 348.33 billion yuan, up 11.86% year-on-year [5] - The company experienced a slight decline in product prices due to promotional activities, with the revenue from its main product, Wuliangye, increasing by 13.50% to 628.04 billion yuan, while the average price per ton decreased by 3.80% [5] - The company is expanding its market presence, with significant growth in sales across different regions, particularly in the eastern and western markets, and an increase in the number of distributors and specialty stores [5] Summary by Sections Financial Performance - In 2023, the company achieved total revenue of 832.72 billion yuan and net profit of 302.11 billion yuan, reflecting a year-on-year growth of 12.58% and 13.19% respectively. For Q1 2024, the revenue was 348.33 billion yuan, with a net profit of 140.45 billion yuan, both showing double-digit growth [5] - The gross margin for 2023 was 75.79%, with a net margin of 37.85%, indicating stable profitability [6] Market and Product Analysis - The company’s main product, Wuliangye, saw a revenue increase of 13.50% to 628.04 billion yuan, while other products generated 136.43 billion yuan, up 11.58%. The sales volume for Wuliangye was 3.87 million tons, a 17.98% increase, but the average price per ton decreased by 3.80% [5] - The company is enhancing its product matrix and has launched new cultural liquor products, contributing to its market growth [6] Future Outlook - The company aims to maintain a double-digit revenue growth trajectory, with projected revenues of 916.49 billion yuan, 1,009.60 billion yuan, and 1,125.28 billion yuan for 2024 to 2026. The corresponding net profits are expected to be 340.25 billion yuan, 374.71 billion yuan, and 428.65 billion yuan [6][8] - The current stock price corresponds to a price-to-earnings ratio of 17.2x for 2024, indicating a favorable valuation for potential investors [6]