Guolian Securities·2024-05-09 10:00Investment Rating - The report maintains a "Buy" rating for the company with a target price of 102.76 CNY, based on a 28x PE for 2024 [7][8]. Core Insights - The company reported a revenue of 10.15 billion CNY in Q1 2024, a year-on-year decrease of 5.19%, while net profit attributable to shareholders was 1.597 billion CNY, an increase of 10.06% [4]. - The sales performance of the Qingdao brand and products priced in the mid-to-high-end segment showed better results compared to other brands and products [5]. - The company experienced a slight increase in ton price, which contributed to profit growth despite a decrease in sales volume [6]. Financial Performance Summary - For Q1 2024, the company achieved a sales volume of 2.184 million kiloliters, down 7.58% year-on-year, with a ton price of 4,647.44 CNY, up 2.58% year-on-year [6]. - The gross margin for Q1 2024 was 40.44%, an increase of 2.12 percentage points year-on-year, while the net profit margin was 15.74%, up 2.18 percentage points year-on-year [6]. - The company forecasts revenues of 35.771 billion CNY, 37.598 billion CNY, and 39.420 billion CNY for 2024, 2025, and 2026, respectively, with corresponding net profits of 5.005 billion CNY, 5.819 billion CNY, and 6.579 billion CNY [7][8].