基本盘稳固，分红受益提升

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 33.126 billion yuan in 2023, representing a year-on-year growth of 10.04%, and a net profit of 10.016 billion yuan, with a year-on-year increase of 6.80% [4] - In Q1 2024, the company achieved a revenue of 16.255 billion yuan, an increase of 8.03% year-on-year, and a net profit of 6.055 billion yuan, up by 5.02% year-on-year [4] - The company maintains a stable gross margin of 75.25% in 2023, with a slight increase in market expenses due to digital transformation and promotional activities [5] - The company plans to increase its dividend payout to 4.66 yuan per share, resulting in a dividend rate of 70%, which is a significant increase from the previous five-year average of around 60% [5] - The revenue forecast for 2024-2026 is adjusted to 35.901 billion, 38.738 billion, and 41.527 billion yuan respectively, with expected growth rates of 8%, 8%, and 7% [5] Summary by Relevant Sections Financial Performance - Total revenue for 2022 was 30.105 billion yuan, with a growth rate of 18.76% [4] - The net profit for 2022 was 9.378 billion yuan, with a growth rate of 24.91% [4] - The earnings per share (EPS) for 2022 was 6.23 yuan [4] Profitability Metrics - The company’s net asset return rate for 2023 is 19.28% [4] - The price-to-earnings (P/E) ratio for 2023 is 14.30 [4] - The price-to-book (P/B) ratio for 2023 is 2.76 [4] Market Position - The company has a solid market position with a diversified product portfolio, including high-end and regular liquor, which showed revenue growth of 8.82% and 20.70% respectively in 2023 [5] - The company’s cash flow per share for 2023 is 4.07 yuan, indicating strong cash generation capabilities [4]