WLY(SZ:000858)2024-05-08 07:02Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company's 2023 annual report and Q1 2024 report show that revenue and net profit growth are in line with expectations, with 2023 revenue at 83.27 billion, up 12.58% year-on-year, and net profit at 30.21 billion, up 13.19% year-on-year [7][8] - The company plans to maintain double-digit revenue growth in 2024, with a cash dividend ratio of 60%, an increase of 5 percentage points from the previous year [7][10] - The company is positioned as the leading brand in the premium liquor segment, with a clear trend of stable long-term growth [7] Summary by Sections Financial Performance - In 2023, the company achieved total revenue of 83.27 billion, with a year-on-year growth rate of 12.6% and a net profit of 30.21 billion, reflecting a 13.2% increase [9][11] - For Q1 2024, revenue reached 34.83 billion, up 11.86% year-on-year, and net profit was 14.05 billion, up 12% year-on-year [9][11] - The gross profit margin for 2023 was 75.79%, an increase of 0.37 percentage points, while the net profit margin was 37.85% [10] Sales and Market Dynamics - The liquor segment's revenue in 2023 was 76.45 billion, with a growth of 13.15%, driven by sales volume increases [8] - The company has expanded its distribution network, increasing the number of distributors to 2,570, with a notable rise in the number of specialized stores [8] Future Projections - The company forecasts net profits for 2024-2026 to be 33.58 billion, 36.96 billion, and 40.32 billion respectively, with year-on-year growth rates of 11%, 10%, and 9% [7][9] - The projected PE ratios for 2024-2026 are 18x, 16x, and 15x, indicating a favorable valuation outlook [7]