开门红亮眼，一季度营收业绩均超预期

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to improve its profitability in 2024, with projected revenues of 108.6 billion yuan, 119.2 billion yuan, and 130.1 billion yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 2.5%, 9.8%, and 9.1% [14] - The company reported a significant improvement in net profit, with a forecasted net profit of 6.3 billion yuan, 8.0 billion yuan, and 9.7 billion yuan for the same years, indicating year-on-year growth rates of 311.8%, 27.8%, and 20.9% [14] Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 10,593 million yuan, a decrease of 9.3% year-on-year, and a net profit of -296 million yuan, compared to -673 million yuan in the previous year [12][16] - The first quarter of 2024 showed a revenue of 40.6 billion yuan, a slight decline of 0.75% year-on-year, but a net profit of 4.5 billion yuan, representing a growth of 37.4% [12] Business Segments - The company's revenue from liquor, pork, and real estate segments in 2023 was 68.2 billion yuan, 26.0 billion yuan, and 10.1 billion yuan respectively, with year-on-year changes of -15.9%, -4.6%, and +49.5% [3] - The liquor segment's gross margin improved by 6.0 percentage points, with high-end liquor contributing positively to this increase [13] Market Position - The company has maintained a stable dealer network, adding 5 dealers in Beijing and 20 in other regions [3] - The overall sales volume of liquor decreased by 26.0% in 2023, but the average price per ton increased by 13.8% [3] Future Outlook - The company is focusing on enhancing its core products and improving profitability through strategic pricing and marketing initiatives [3][4] - The financial forecasts indicate a recovery in profitability and revenue growth in the coming years, driven by operational improvements and market strategies [14]