一季度收入增长26%，2024年继续稳健增长

Investment Rating - The investment rating for Gujing Gongjiu is "Buy" [1][4][6] Core Views - In 2023, Gujing Gongjiu achieved revenue of 20.25 billion, a year-on-year increase of 21.2%, and a net profit of 4.589 billion, up 46.0% year-on-year. The first quarter of 2024 saw revenue of 8.29 billion, increasing by 25.9% year-on-year, with a net profit of 2.07 billion, up 31.6% year-on-year [5][6] - The company is expected to continue its growth trajectory, with a revenue target of 24.51 billion for 2024, representing a year-on-year growth of 21.0%, and a net profit target of 5.821 billion, up 26.9% year-on-year [6][9] Summary by Sections Financial Performance - In 2023, the revenue from year-round original liquor increased by 27.3% (volume +20.6%, price +5.6%), benefiting significantly from compensatory consumption at provincial banquets. Overall revenue for Gujing Gongjiu grew by 7.6% (volume -3.8%, price +11.8%) [5][6] - The gross margin for 2023 improved by 1.8 percentage points, driven by an increase in the proportion of year-round original liquor [5] - For Q1 2024, revenue growth continued at 26%, with a gross margin increase of 0.7 percentage points, attributed to faster growth of Gu 8 and Gu 16 compared to the overall [5][6] Regional Performance - Revenue growth in 2023 varied by region, with North China, Central China, and South China seeing increases of 39%, 19%, and 27% respectively. The company anticipates smooth progress in cultivating markets outside the province, while still having room for growth within the province [5][6] Cost and Profitability - The sales expense ratio decreased by 1.1 percentage points in 2023, reflecting scale effects and external expense recovery. The net profit margin increased by 3.9 percentage points, confirming the logic behind the margin improvement [5][6] - In Q1 2024, the sales expense ratio further decreased by 1.7 percentage points, indicating that there is still growth potential within the province without needing to increase expenses [5][6] Future Outlook - Gujing Gongjiu aims for a revenue target of 24.51 billion in 2024, with a year-on-year growth of 21.0%, and net profit of 5.821 billion, up 26.9% year-on-year. The company expects to maintain a strong operational rhythm and has sufficient growth tools for the coming years [6][9]