公司简评报告：业绩延续高增长，中高档酒价增显著

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage [3][8]. Core Insights - The company has demonstrated sustained high growth, with 2023 revenue reaching 30.233 billion yuan (up 20.34% year-on-year) and net profit attributable to shareholders at 13.246 billion yuan (up 27.79% year-on-year) [7][13]. - The performance in Q1 2024 continued to show growth, with revenue and net profit reaching 9.188 billion yuan (up 20.74% year-on-year) and 4.574 billion yuan (up 23.20% year-on-year), respectively [7][13]. - The company is effectively managing its mid-to-high-end liquor pricing, with significant revenue growth in this segment, driven by price increases and product upgrades [7][35]. - The gross margin and net profit margin have improved significantly, with 2023 gross margin at 88.30% (up 1.71 percentage points) and net profit margin at 43.95% (up 2.51 percentage points) [22][26]. Summary by Sections 1. Performance Review - The company achieved a revenue of 30.233 billion yuan in 2023, with a year-on-year growth of 20.34%, and a net profit of 13.246 billion yuan, reflecting a 27.79% increase [7][13]. - The compound annual growth rate (CAGR) for revenue and net profit from 2019 to 2023 was 17.58% and 29.97%, respectively, indicating a robust growth trajectory [13][19]. 2. Future Outlook - The high-end liquor market is expected to continue growing, with the company focusing on expanding its market presence in central and eastern China while deepening its base market strategies [35][39]. - The company has completed product structure adjustments and is well-positioned to adapt to market changes, with significant potential for regional expansion [35][39]. 3. Profit Forecast and Valuation - The company forecasts net profits of 15.650 billion yuan, 18.966 billion yuan, and 22.866 billion yuan for 2024, 2025, and 2026, respectively, with growth rates of 18.15%, 21.19%, and 20.56% [8][9]. - The estimated earnings per share (EPS) for the same years are projected to be 10.63 yuan, 12.88 yuan, and 15.53 yuan, with corresponding price-to-earnings (P/E) ratios of 18.21, 15.03, and 12.46 [8][9].