消费者基础稳固，业绩持续稳健增长

Investment Rating - The report maintains a "Buy" rating for the company [2][3] Core Views - The company has a solid consumer base and continues to achieve steady growth in performance, with 2023 revenue reaching RMB 83.27 billion, a year-on-year increase of 12.6%, and net profit attributable to shareholders of RMB 30.21 billion, up 13.2% [2][3] - In Q1 2024, the company reported revenue of RMB 34.83 billion, a year-on-year growth of 11.9%, and net profit of RMB 14.05 billion, an increase of 12.0% [2][3] - The company has shown consistent double-digit growth in revenue over the past four years, with growth rates between 10% and 16% [2][3] Summary by Relevant Sections Revenue and Profitability - In 2023, the company's liquor revenue was RMB 62.8 billion, up 13.5% year-on-year, with sales volume increasing by 18.0% to 39,000 tons [2][3] - The average selling price of products has slightly decreased, with the price of the flagship product "Pu Wu" at RMB 940-950, which is lower than the previous year [2][3] - The company has increased its market promotion efforts for lower-alcohol products and the "1618" brand, contributing to revenue growth [2][3] Sales Channels and Market Strategy - The company has upgraded its channel capabilities, adding 26,000 core terminals and expanding its specialty store count to over 1,600 across more than 300 cities [2][3] - Revenue from the distribution model reached RMB 46 billion, up 13.6%, while direct sales revenue was RMB 30.46 billion, up 12.5%, indicating synchronized growth in both models [2][3] Future Outlook - The company is expected to maintain steady growth from 2024 to 2026, with projected revenue growth rates of 12.1%, 10.3%, and 9.1% respectively, and net profit growth rates of 12.5%, 11.0%, and 9.8% [2][3] - The estimated earnings per share (EPS) for 2024, 2025, and 2026 are RMB 8.76, 9.72, and 10.67 respectively, with corresponding price-to-earnings (P/E) ratios of 17.7X, 15.9X, and 14.5X [2][3]