收入稳健增长，利润加速释放

Investment Rating - The investment rating for the company is "Buy - A" with a target price of 27 CNY for the next 6 months, corresponding to a PE ratio of 28 times for 2024 [2][3]. Core Views - The company achieved a revenue of 5.257 billion CNY in 2023, representing a year-on-year increase of 12.98%, while the net profit attributable to shareholders was 666 million CNY, down 5.89% year-on-year. In Q4 2023, revenue reached 1.412 billion CNY, up 17.85% year-on-year, and net profit was 248 million CNY, up 31.20% year-on-year. For Q1 2024, revenue was 1.130 billion CNY, up 12.67% year-on-year, and net profit was 136 million CNY, up 33.04% year-on-year [1][2]. Financial Performance - The company’s revenue growth is driven by a strong competitive advantage in its home province and continued high growth from its Wuling brand. In 2023 and Q1 2024, the revenue growth for high, medium, and low-end liquor products was 11%/21%/18% and 35%/11%/15% respectively. The Wuling brand saw a revenue increase of 28% in 2023 and 21% in Q1 2024 [1][2]. - The company’s gross margin was 65.86% in 2023, down 1.17 percentage points year-on-year, and 62.72% in Q1 2024, down 2.70 percentage points year-on-year, attributed to increased promotional costs for high-end products. The company has implemented cost control measures, resulting in a decrease in expense ratios [1][2]. Future Projections - The company plans to achieve a revenue of 5.78 billion CNY in 2024, a year-on-year increase of 10%, with expenses not exceeding 1.75 billion CNY, a decrease of approximately 10% year-on-year. The projected revenue and net profit for 2024 are 6.04 billion CNY and 880 million CNY, respectively, representing year-on-year increases of 15% and 32% [2][3].