Yanghe(002304) 国海证券·2024-05-05 01:30Investment Rating - The report maintains a "Buy" rating for the company [1][7] Core Views - The company has demonstrated steady growth in performance, with a significant increase in dividend payout ratio, proposing a dividend of 7.02 billion (including tax) for 2023, which is 70% of net profit, up from 60% in 2022 [2][3] - The company achieved a revenue of 33.126 billion in 2023, a year-on-year increase of 10.04%, and a net profit of 10.016 billion, up 6.80% year-on-year [3][6] - The company is expected to continue its upward trend, targeting a revenue growth of 5%-10% in 2024, supported by a recovery in consumption scenarios [5][6] Summary by Sections Financial Performance - In 2023, the company reported a revenue of 33.126 billion, with a year-on-year growth of 10.04%, and a net profit of 10.016 billion, reflecting a growth of 6.80% [3][6] - For Q1 2024, the company achieved a revenue of 16.255 billion, up 8.03% year-on-year, and a net profit of 6.055 billion, an increase of 5.02% [3][6] - The gross margin remained stable at 75.25%, with a slight decrease in net margin to 30.25% due to increased marketing and tax expenses [2][5] Product and Market Analysis - The company’s mid-to-high-end liquor products generated revenues of 28.539 billion and 3.950 billion respectively in 2023, with year-on-year growth of 8.82% and 20.70% [2][3] - The company’s revenue from domestic and foreign markets was 14.393 billion and 18.096 billion respectively, with growth rates of 8.05% and 11.85% [2][3] - The company is focusing on product structure upgrades and has resolved key issues related to management and organizational adjustments [5][6] Future Outlook - The company aims for revenue projections of 35.246 billion, 38.189 billion, and 41.531 billion for 2024, 2025, and 2026 respectively, with corresponding net profits of 10.695 billion, 11.610 billion, and 12.629 billion [6][7] - The report emphasizes the company's strong brand and channel presence, which supports its competitive edge in the high-end and sub-high-end market segments [5][6]