古井贡酒：省内外同步增长，利润释放进行时

Investment Rating - The report maintains a "Buy" rating for the company [1][4][8] Core Insights - The company achieved a revenue of 20.25 billion yuan in 2023, representing a year-on-year growth of 21.18%, and a net profit of 4.59 billion yuan, up 46.01% year-on-year [4][5] - In Q1 2024, the company reported a revenue of 8.29 billion yuan, a 25.85% increase year-on-year, and a net profit of 2.07 billion yuan, growing 31.61% year-on-year [4][5] - The company has seen a significant increase in its gross margin, which rose by 1.9 percentage points to 79.07% in 2023, and the net profit margin increased by 3.85 percentage points to 22.66% [5][6] Financial Performance Summary - Total revenue projections for 2024-2026 are 24.68 billion yuan, 29.45 billion yuan, and 34.22 billion yuan, with growth rates of 22%, 19%, and 16% respectively [6][7] - Net profit forecasts for the same period are 6 billion yuan, 7.54 billion yuan, and 9.11 billion yuan, with growth rates of 31%, 25%, and 21% respectively [6][7] - Earnings per share (EPS) are projected to be 10.86 yuan, 13.61 yuan, and 16.46 yuan for 2024-2026 [6][7] Market Expansion Potential - The company increased its number of distributors by 242 to a total of 464 in 2023, indicating strong market penetration potential [6][7] - Revenue from key regions such as North China, Central China, and South China showed significant growth, with increases of 39.01%, 19.17%, and 26.89% respectively [6][7]