一季度收入增长21%，费用端持续精益优化

Investment Rating - The investment rating for the company is "Buy" [5][19]. Core Views - The company achieved its operational goals in 2023, with a revenue growth of 21.3% year-on-year, driven by a price increase of 19.8% and a volume increase of 1.2% [1][8]. - The company is expected to continue high revenue growth in 2024, with a focus on product structure adjustment and digital transformation [1][9]. - The overall gross margin improved by 1.7 percentage points in 2023, attributed to price adjustments and recovery in different price segments [1][8]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 302.33 billion yuan, a year-on-year increase of 20.3%, and a net profit of 132.46 billion yuan, up 27.8% [8]. - For 2024, the company is projected to generate revenues of 362.8 billion yuan, 429.9 billion yuan, and 500.9 billion yuan for the years 2024, 2025, and 2026 respectively, with year-on-year growth rates of 20.0%, 18.5%, and 16.5% [2][9]. Product and Market Strategy - The company is focusing on high-end liquor, with expectations that the Guojiao series will exceed 20 billion yuan in revenue [1][8]. - The company has shown strong capabilities in product structure adjustment, adapting to market demand changes effectively [9]. Cost Management - The sales expense ratio decreased by 0.6 percentage points in 2023, while the management expense ratio decreased by 0.9 percentage points, indicating improved cost efficiency [1][8]. - The net profit margin increased by 2.5 percentage points in 2023, reflecting structural upgrades and ongoing cost optimization [1][8]. Digital Transformation - The company is enhancing its digital transformation efforts, which are expected to support growth and improve operational quality [9].