LZLJ(SZ:000568) Tianfeng Securities·2024-05-05 02:00Investment Rating - The investment rating for the company is "Buy" with a 6-month outlook maintained [2]. Core Views - The company achieved a revenue of 30.23 billion yuan and a net profit of 13.25 billion yuan in 2023, reflecting year-on-year growth of 20.34% and 27.79% respectively. The first quarter of 2024 also showed strong performance with revenues of 9.19 billion yuan and net profits of 4.57 billion yuan, both up by over 20% year-on-year [1][2]. - The company aims for a revenue growth target of no less than 15% for 2024, supported by a strong product matrix and enhanced channel strategies [1][2]. Financial Performance - In 2023, the company's liquor business generated 30.08 billion yuan in revenue, a year-on-year increase of 21.45%. The high-end liquor segment contributed significantly, with sales volume and price per ton increasing by 11.71% and 8.71% respectively [1]. - The gross margin for 2023 was reported at 88.30%, with a net margin of 43.95%, both showing improvements from the previous year [1][7]. - The company reported a significant increase in operating cash flow, which rose by 28.87% to 10.65 billion yuan in 2023 [1][7]. Future Projections - The company is projected to achieve revenues of 36.64 billion yuan, 43.75 billion yuan, and 51.06 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 16.24 billion yuan, 19.57 billion yuan, and 23.39 billion yuan [1][6]. - The expected growth rates for revenue and net profit for the next three years are 21%, 19%, and 17% for revenue, and 23%, 21%, and 20% for net profit [1][6].